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Today the EUR/CAD currency pair experienced a significant movement downwards, which has already managed to break the 20-day SMA at 1.2860, and now the currency pair is gradually approaching the 200-day SMA at 1.2755, which is very likely to stop the prevailing movement upwards. However, if it fails to slow down the current tendency, then the price might reach the 55-day SMA at 1.2704, which in turn is expected to bring some bullish impetus. Nevertheless, the overall indicator outlook has change to bullish, therefore supporting the potential tendency reversal in the nearest future.
Traders' sentiment
Traders at SWFX market expect the Euro to lose value against the Canadian Dollar, since only 27% of traders hold bullish positions and 73% of traders hold bearish positions. The situation with orders is quite similar, as 38% of traders ordered to buy and 62% ordered to sell the single European currency
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