The common European currency has declined by 287 pips or 1.83% against the Canadian Dollar since October 29. The currency pair tested the 1.5350 level during last week’s trading sessions.
Given that the exchange rate has bounced off the support level at 1.5350, bullish traders might continue to pressure the EUR/CAD pair higher during the following trading sessions.
However, the 100– and 200– period SMAs near the 1.5519 area could provide resistance for the currency exchange rate within this week’s trading sessions.
