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The bearish reaction, which occurred yesterday, successfully managed to continue, as today the EUR/CAD currency pair experienced another slight bearish reaction. As for now, the currency couple is heading towards the weekly PP at 1.2850, which might bring some bullish impetus. In case it is breached, then the price is likely to reach the 200-day SMA at 1.2758, which in turn is expected to change the direction of the current bearish tendency. Nevertheless, RSI indicator still shows a neutral signal, although the overall indicator outlook is bullish.
Traders' sentiment
SWFX market participants expect that the Euro will lose value against the Canadian Dollar, since 39% of traders hold long positions and 61% of traders hold short positions. The situation with orders , however, spots some uptrend expectations, as 65% of traders ordered to buy and 35% ordered to sell the single currency.
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