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The interim bullish trend, which started a couple of days ago, has failed to continue, as today the EUR/CAD currency pair experienced a slight bearish reaction, and at the particular moment the price is heading towards the monthly PP at 1.2909, which might bring some bullish impulse. However, if it fails to stop the downtrend, then the currency couple will probably reach the 20-day SMA at 1.2854, which in turn might reverse the direction of the prevailing movement downwards. In addition, the overall indicator outlook is bullish, therefore supporting the potential trend reversal in the nearest future.
Traders' sentiment
SWFX market participants are neutral about the EUR/CAD currency couple, as 45% of traders hold long positions and 55% of traders hold short positions. The distribution of orders, however, spot some bearish tendency expectations, since 29% of traders ordered to buy and 71% ordered to sell the Euro.
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