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The bullish tendency successfully managed to prevail, as today EUR/CAD experienced another bullish correction, therefore supporting the interim uptrend. As for now, the currency couple is about to test the weekly PP at 1.2856, which might bring some bearish momentum, but if it fails to slow down the rally, then the price is very likely to reach the upper Bollinger band at 1.2856, which in turn is expected to change the direction of the prevailing movement upwards. In addition, the overall indicator outlook is bearish, therefore supporting the potential trend reversal in the nearest future.
Traders' sentiment
SWFX market participants expect the single currency to lose value against the Canadian Dollar, since 27% of traders hold long positions and 73% of traders hold short positions. The distribution of orders is a bit neutral, as 40% of traders ordered to buy and 60% ordered to sell the Euro.
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