Economists at the National Bank of Canada expect the EUR/USD pair to come under pressure.

Euro may be overreaching at this time

“The EUR has for the better part of the last month outperformed many of its peers. While this may appear surprising considering the still uncertain economic situation facing the common currency area, a combination of less severe than expected headwinds, stronger than forecasted data and a still hawkish central bank have kept a bid on the currency. Notwithstanding, we think the Euro may be overreaching at this time.” 

“We think the USD could make a bit of a comeback assuming a scenario of no debt crisis.” 

“The Euro could lose a bit of ground in the short term but find renewed strength later in forecast on the basis of policy narrowing between the ECB and the Fed.”