The Eurozone single currency has surged by 1.08% against the Canadian Dollar since last week’s trading sessions. The currency pair tested the 200–” period simple moving average at 1.5389 on Monday morning.
As for the near future, the exchange rate could continue to edge higher. A breakout through the upper boundary of a descending channel pattern could occur during the following trading sessions.
However, the 200–” period SMA at 1.5389 could provide resistance for the EUR/CAD currency exchange rate this week.