EUR/CAD 4H Chart: Bulls Likely To Prevail

Technical analysis of Forex market

The EUR/CAD currency pair bounced off a support level at 1.4615 on July 2. As a result, the European single currency surged by 2.11% against the Canadian Dollar during this period.

Everything being equal, the exchange rate could continue to surge during the following trading sessions. The potential target for buyers will be near the 1.5100 level.

However, the currency exchange rate could encounter resistance at 1.4900 during this week’s trading sessions.