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The uptrend, which started yesterday, successfully managed to continue, as today the EUR/CAD currency pair experienced another consequent bullish movement, and now the currency couple confronts the weekly R1 at 1.2781, which is very likely to slow down the current rally, however, if it fails to stop the uptrend, then the price is likely to reach the 20-day SMA at 1.2815, which in turn is expected to change the direction of the prevailing tendency. Nevertheless, the overall indicator outlook is negative, therefore a soon tendency reversal might be expected.
Traders' sentiment
Traders at SWFX market are pessimistic about the EUR/CAD currency pair, as only 26% of traders hold bullish positions and 74% of traders hold bearish positions. The situation with orders as well shows downtrend expectations, since 38% of traders ordered to buy and 62% ordered to sell the Euro.
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