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The interim uptrend, which started a couple of days ago, managed to advance even further, as today the EUR/CAD currency couple experienced another movement upwards, which has already managed to breach the 20-day SMA at 1.2674. As for now, the price is heading towards the weekly PP at 1.2709, which might slow down the rally. In case it fails to stop the uptrend, then next resistance at 1.2748 (upper Bollinger band) is expected to reverse the prevailing bullish tendency. In addition, RSI indicator remains neutral, as well as the overall indicator outlook is neutral.
Traders' sentiment
Traders at SWFX market have slight downtrend expectations, since only 44% of traders hold bullish positions and 56% of traders hold bearish positions. In contrast, the situation with orders shows strong uptrend expectations, as 68% of traders ordered to buy and only 32% ordered to sell the single European currency.
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