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The bullish trend, which started yesterday, managed to continue, as today the EUR/CAD currency couple another bearish reaction, which has already managed to break the weekly PP. As for now the price is heading towards the monthly R1 at 1.2820, which might bring some bullish impetus. If it is breached, then the currency pair is very likely to reach the 200-day SMA at 1.2760, which in turn is expected to change the direction of the current tendency. Nevertheless, the overall indicator outlook has changed to positive, therefore a soon trend reversal might be expected.
Traders' sentiment
SWFX market participants expect the Euro to depreciate against the Canadian Dollar, as only 29% of traders hold bullish positions and 71% of traders hold bearish positions. The distribution of orders, however, shows slight uptrend expectations, since 57% of traders ordered to buy and 43% ordered to sell the single European currency.
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