The single European currency has been constrained by a two-month descending pattern against the Canadian Dollar. The exchange rate reversed from the upper boundary of a junior pattern down on March 20 and has since reached the bottom border of a dominant ascending channel.
The Euro weakening against the Loonie during the past two sessions has provided a possibility of a short-term retracement north. However, the 55– hour simple moving average and the weekly pivot point located near 1.52 could hinder such movement.
The overall market sentiment remains bearish. Therefore, bears are likely to continue their dominance in the market during the following trading sessions.
