The Eurozone single currency has declined by 1.80% against the Canadian Dollar since September 20. A breakout occurred through the bottom border of an uptrend line during last week’s trading sessions.
Given that a breakout has occurred, sellers could continue to drive the currency pair lower during this week’s trading sessions. The potential target for bearish traders would be near the 1.4600 level.
However, the weekly support level at 1.4722 could provide support for the EUR/CAD currency exchange rate this week.
