© Dukascopy Bank SA
Today the EUR/CAD currency pair experienced a significant bullish advance, which has already managed to breach the upper Bollinger band and has reached a two-month high at 1.2569. At the particular moment the price is moving towards the weekly R1 at 1.2591, which will probably bring some bearish impetus. In case it it broken, then the currency couple might reach the weekly R2 at 1.2664, which is likely to reverse the prevailing tendency. In addition, the overall indicator outlook is positive, thus supporting the prevailing uptrend.
Traders' sentiment
SWFX market participants expect that the single European currency will gain value against the Canadian Dollar, as 66% of traders hold long positions and 34% of traders hold short positions. The situation with orders is almost exactly the same, since 65% of traders ordered to buy and 35% ordered to sell the Euro.
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