© Dukascopy Bank SA
Today EUR/CAD experienced a small bullish correction, which stopped the bearish reaction, which occurred yesterday. As for now the price is gradually approaching the monthly R2 at 1.2711, which will probably slow down the prevailing rally. In case it is broken, then the price might advance until the 200-day SMA at 1.2822, which in turn is very likely to bring some bearish momentum. Nevertheless, RSI indicator shows a neutral signal, although the overall indicator outlook is positive, thus supporting the prevailing tendency.
Traders' sentiment
SWFX market participants have slight bearish trend expectations, as 43% of traders hold long positions and more than 57% of traders hold short positions. The situation with orders is rather similar, since more than 59% of traders ordered to buy and almost 41% ordered to sell the single European currency.
© Dukascopy Bank SA