© Dukascopy Bank SA
The uptrend, which started less than a week ago, successfully managed to continue, and today the EUR/CAD currency couple experienced a huge movement upwards, which has already managed to breach the upper Bollinger band. As for now, the price is gradually approaching the weekly R1 at 1.2891, which might slow down the rally. In case it fails to stop the movement upwards, then next resistance at 1.3035 will probably reverse the current bullish movement. Nevertheless, the overall indicator outlook shows a neutral signal. therefore no significant trend reversals are expected in the nearest future.
Traders' sentiment
Traders at SWFX market expect the Euro to lose value against the Canadian Dollar, as only 33% of traders hold long positions and almost 67% of traders hold short positions. In contrast, the distribution of orders shows strong uptrend expectations, since almost 91% of traders ordered to buy and only 9% ordered to sell the single European currency.
© Dukascopy Bank SA