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The bearish reaction, which occurred yesterday, has failed to continue, as today EUR/CAD experienced a significant movement upwards, which has already managed to break the 55-day SMA. As for now, the currency couple is about to test the 20-day SMA at 1.2783, which might slow down the rally, but if it is broken, then the currency pair is likely to reach the monthly PP at 1.2854, which in turn will probably bring some bearish impetus. Additionally, the overall indicator outlook is negative, therefore a soon trend reversal might me expected.
Traders' sentiment
Traders at SWFX market are pessimistic about the EUR/CAD currency couple, since 27% of traders hold bullish positions and 73% of traders hold bearish positions. The situation with orders as well shows bearish tendency expectations, as 38% of traders ordered to buy and 62% ordered to sell the single currency.
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