The Eurozone single currency has surged by 1.34% against the Canadian Dollar since November 9. The currency pair breached the 50-, 100– and 200– period SMAs during last week’s trading sessions.
Currently, the exchange rate is trading near the upper boundary of a descending channel pattern at 1.5518 and could be set for a breakout.
If the channel pattern holds, a decline towards the 1.5350 level could be expected within this week’s trading sessions.
However, if the EUR/CAD pair breaks the descending channel pattern, bullish traders would drive the price towards the weekly resistance level at 1.5750 during the following trading sessions.
