EUR/CAD to test 1.2439

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Resistances: 1.2439; 1.2503; 1.2518
Supports: 1.2360; 1.2291; 1.2272

Outlook
A small bearish correction, which occurred yesterday, has ended, and now the EUR/CAD currency pair regained its bullish momentum. If the rally prevails, then the price might reach 1.2439 (Price channel resistance), which is likely to reverse the trend, however if it fails to stop the uptrend, then next resistance at 1.2503 (upper Bollinger band) will probably bring some bearish impulse. Nevertheless, RSI indicator shows neutral signal and is expected to remain neutral in the nearest future.

Traders' sentiment
Traders at SWFX market expect the single European currency to gain value against the Canadian Dollar, since 73% of traders hold long positions on this currency couple. The orders are distributed in a similar manner, as 63% of traders ordered to buy the Euro and only 37% ordered to sell it.