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Supports: 1.2111; 1.2025; 1.1876
Outlook
EUR/CAD continues its bearish trend, which started on August 6th, and today the price managed to cross the lower Bollinger band at 1.2268, and now EUR/CAD is heading towards the weekly S2 at 1.2111, which will probably reverse the prevailing trend, but if it is breached, then next support at 1.2025 is expected to bring some bullish impetus. Nevertheless, RSI indicator still remains neutral, however, it has made a significant move towards the over-sold area. On the other hand, resistances are at 1.2268, 1.2340 and 1.2470 and so far there are no signs for them to be breached.
Traders' sentiment
Despite present downtrend, traders at SWFX market expect the Euro to gain value against the Canadian Dollar, as 74% of traders hold long positions on the EUR/CAD currency couple. In contrast, the situation with orders clearly spots that at the moment traders expect the bearish tendency to continue, since almost 89% of traders ordered to sell the Euro.