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The bearish tendency, which occurred yesterday, managed to continue today, as the EUR/CAD currency pair experienced another slight bearish reaction, and now the price is about to test the 55-day SMA at 1.2723, which will probably bring some bullish impetus. In case it is breached, the currency couple might reach the lower Bollinger band at 1.2668, which in turn is expected to change the direction of the current movement downwards. Nevertheless, RSI indicator shows a buy signal, as well as the overall indicator outlook is positive, therefore supporting the potential trend reversal in the nearest future.
Traders' sentiment
SWFX market participants are pessimistic about the EUR/CAD currency couple, as 28% of traders hold bullish positions and 72% of traders hold bearish positions. The distribution of orders is rather neutral, since 56% of traders ordered to buy and 44% ordered to sell the Euro.
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