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Supports: 1.2265; 1.2201; 1.2118
Outlook
Yesterday's bullish reaction managed to advance even further, and now the EUR/CAD currency couple has broken through the 20-day SMA at 1.2265, and the price is heading towards the weekly R1 at 1.2357, which might bring some bearish momentum. However, if it fails to stop the rally, then next resistance at 1.2432 (upper Bollinger band) will probably reverse the prevailing tendency. Moreover, RSI indicator shows neutral signal and is expected to remain unchanged in the nearest future.
Traders' sentiment
SWFX market participants are optimistic regarding the potential strength of the single European currency, since 72% of traders hold long positions and only 28% of traders hold short positions. The situation with orders is completely neutral, as exactly 50% of traders ordered to buy and 50% ordered to sell the Euro.