EUR/CAD 4H Chart: Reveals new ascending channel

Since May 27, the single European currency has appreciated about 1.33% in value against the Canadian Dollar. The currency pair tested the 23.60% Fibonacci retracement level at 1.5122.

Everything being equal, it is likely that the EUR/CAD exchange rate will continue to gain strength within this week's trading sessions. The potential target will be at 1.5182.