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The downtrend, which started a couple of days ago, failed to continue, and today the EUR/CAD currency pair experienced a slight bullish correction, as it rebounded from the monthly PP. As for now, the price faces the weekly S1 at 1.2613, which might slow down the uptrend, however, in case it is broken, then next resistance at 1.2679 (20-day SMA) will probably bring some bearish momentum. In addition, RSI indicator shows a neutral signal, as well as the overall indicator outlook remains neutral.
Traders' sentiment
SWFX market participants are neutral about the potential strength of the single European currency, as 48% of traders hold bullish positions and 52% of traders hold bearish positions. The distribution of orders is completely neutral, since exactly 50% of traders ordered to buy and 50% ordered to sell the Euro.
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