© Dukascopy Bank SA
The interim uptrend, which started a couple of days ago, has failed to advance further, as today EUR/CAD experienced a slight bearish reaction. At the particular moment the price is heading towards the 55-day SMA at 1.2759, which will probably bring some bullish impulse, but if it is broken, then the currency pair might reach the 200-day SMA at 1.2731, which in turn is expected to stop the prevailing downtrend. In addition, the overall indicator outlook is negative, therefore supporting the current tendency.
Traders' sentiment
SWFX market participants expect the Euro to lose value against the Canadian Dollar, since 27% of traders hold long positions and 73% of traders hold short positions. The situation with orders as well spots high bearish tendency expectations, as 38% of traders ordered to buy and 62% ordered to sell the single European currency.
© Dukascopy Bank SA