© Dukascopy Bank SA
Today the EUR/CAD currency pair experienced another bullish movement, which has already managed to break the 20-day SMA at 1.2776, and at the particular moment the price is slowly approaching the weekly R1 at 1.2836, which might slow down the rally, however, if it is breached, then the currency couple is likely to reach the monthly PP at 1.2859, which in turn will probably stop the current movement upwards. Nevertheless, the overall indicator outlook is negative, therefore a soon tendency change might be expected.
Traders' sentiment
Traders at SWFX market maintain pessimism regarding the EUR/CAD currency couple, as only 26% of traders hold bullish positions and 74% of traders hold bearish positions. The situation with orders as well shows bearish trend expectations, since 37% of traders ordered to buy and 63% ordered to sell the single currency.
© Dukascopy Bank SA