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The European currency erased some of its Asian session losses against the Canadian dollar ahead of the European session on Monday. The euro inched higher to 1.3028 against the Canadian dollar around 2:30 am ET, up from a 4-day low of 1.3001 hit an hour ago.
The current bullish wave in the EUR/CAD cross seems to have a temporary correction and its overall technical picture shows a resumption of bearish trend with a likely support seen around the 1.2970 area.
