© Dukascopy Bank SA
Today the EUR/CAD currency couple experienced a bearish reaction, which has already made a significant move downwards, and at the particular moment the currency pair confronts the monthly R2 at 1.2711, which is likely to bring some bullish impulse. If it fails to stop the downtrend, then next support at 1.2641 (weekly PP) will probably stop the prevailing movement downwards. Nevertheless, the overall indicator outlook remains neutral, and current resistances are at 1.2817, 1.2864 and 1.2924, and they seem to be safe for now.
Traders' sentiment
SWFX market participants have mixed feelings about the potential strength of the single European currency, as 56% of traders hold bullish positions and 44% of traders hold bearish positions. The situation with orders is also neutral, since 57% of traders ordered to buy and 43% ordered to sell the Euro.
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