The single European currency has edged lower by 1.00% against the Canadian Dollar since the beginning of February. The currency pair breached the 50–” period SMA last week.
Technical indicators suggest selling signals on the daily time-frame chart. The exchange rate will most likely continue to decline during the following trading sessions.
However, bears are likely to encounter a support level formed by the weekly S1 at 1.5333 within this week’s trading sessions.