The single European currency depreciated about 182 base points against the Canadian Dollar during the past week. The decline was stopped by the 200-hour simple moving average at 1.5039.

The exchange rate is trading near a resistance cluster formed by the combination of the weekly and the monthly PPs at 1.5110.

If the currency exchange rate passes the resistance cluster, the next target for bullish traders will be near the weekly R1 at 1.5190.

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On the other hand, if the resistance cluster as mentioned above holds, a decline towards the lower boundary of a junior ascending channel pattern at 1.4996 could be expected during the following trading sessions.

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