© Dukascopy Bank SA
The bullish tendency, which started a couple of days ago, failed to continue, and today the EUR/CAD currency pair is about to test the weekly PP at 1.2471, which might bring some bullish impetus. If it is breached, then the price might reach the 20-day SMA at 1.2405, which in turn is likely to reverse the current movement downwards. Besides, the indicator outlook is strongly positive, therefore supporting the potential trend reversal in the nearest future. On the other hand, present resistances are at 1.2554, 1.2581 and 1.2664, and they seem to be safe for now.
Traders' sentiment
Traders at SWFX market are optimistic about the potential strength of the single European currency, since 68% of traders hold bullish positions and only 32% of traders hold bearish positions. The situation with orders is a little bit more neutral, as 58% of traders ordered to buy and 42% ordered to sell the Euro.
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