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The bearish reaction, which occurred yesterday, has failed to continue, as today EUR/CAD experienced a bullish correction, which at the particular moment confronts the 200-day SMA at 1.2739, which is expected to change the direction of the current movement upwards. In case it fails to slow down the rally, then the currency couple might reach the weekly R1 at 1.2781, which in turn will probably bring some bearish momentum. In addition, RSI indicator made a slight movement towards the oversold area, however it still shows a neutral signal.
Traders' sentiment
SWFX market participants maintain pessimism about the EUR/CAD currency couple, since 27% of traders hold long positions and 73% of traders hold short positions. The situation with orders as well spots strong downtrend expectations, as 30% of traders ordered to buy and 70% ordered to sell the Euro.