© Dukascopy Bank SA
© Dukascopy Bank SA
Supports: 1.2130; 1.2103; 1.2025
Outlook
The bearish trend, which started on August 6th has finally ended, and now a bullish correction takes place. As for now, the EUR/CAD currency pair is heading towards the lower Bollinger band at 1.2224, which might slow down the rally, but if it is breached, then next resistance at 1.2272 (weekly S1) might change the direction of the prevailing trend. Nevertheless, RSI indicator remains neutral and is expected to remain unchanged in the nearest future.
Traders' sentiment
Traders at SWFX market expect the Euro to gain value against the Canadian Dollar, as 73% of traders hold long positions and only 27% of traders hold short positions. However, the situation with orders remains quite neutral, since 40% of traders ordered to buy and 60% of traders ordered to sell the Euro.