© Dukascopy Bank SA
The bearish tendency, which started two days ago, failed to continue, as today the EUR/CAD currency pair experiences a small bearish reaction. As for now, the price is slowly approaching the monthly R1 at 1.2554, which will probably bring some bullish impulse. In case it is breached, then next support at 1.2471 (weekly PP) might stop the prevailing movement downwards. Besides, the overall indicator outlook is bullish, thus supporting the potential trend reversal in the nearest future.
Traders' sentiment
SWFX market participants anticipate that the Euro will gain value against the Canadian Dollar, as 67% of traders hold long positions and only 33% of traders hold short positions. The distribution of orders also shows some bullish trend expectations, since 62% of traders ordered to buy and 38% ordered to sell the single European currency.
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