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The bullish correction, which occurred yesterday, has failed to continue, as the EUR/CAD currency couple rebounded from the 55-day SMA at 1.2733, and at the particular moment the price is slowly heading towards the monthly S1 at 1.2685, which might slow down the downtrend. In case it is broken, then the currency pair is very likely to reach the lower Bollinger band at 1.2623, which in turn will probably change the direction of the current tendency. Nevertheless, the overall indicator outlook is neutral, therefore no significant trend reversals are expected in the nearest future.
Traders' sentiment
Traders at SWFX market are pessimistic about the EUR/CAD currency pair, since only 27% of traders hold bullish positions and almost 73% of traders hold bearish positions. The situation with orders as well shows some bearish tendency expectations, as 44% of traders ordered to buy and 56% ordered to sell the Euro.
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