© Dukascopy Bank SA
The bullish correction, which occurred yesterday, has failed to continue, as today EUR/CAD experienced a slight bearish downturn, which has already managed to breach the 200-day SMA at 1.2752, and now the currency pair is gradually heading towards the 55-day SMA at 1.2717, which might bring some bullish impetus. In case it fails to slow down the downtrend, then the price is very likely to reach the lower Bollinger band at 1.2667, which in turn will probably change the direction of the current movement downwards. Moreover, the overall indicator outlook bullish, therefore a trend reversal is expected in the nearest future.
Traders' sentiment
Traders at SWFX market expect the Euro to lose value against the Canadian Dollar, since 26% of traders hold bullish positions and almost 74% of traders hold bearish positions. The situation with orders is a little bit more neutral, as exactly 40% of traders ordered to buy and 60% ordered to sell the Euro.
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