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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.

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