© Dukascopy Bank SA
The interim uptrend has failed to continue, as today the EUR/CAD currency pair experienced a slight bearish reaction, as the price bounced off the weekly R2. As for now, the currency couple is facing the weekly R1 at 1.2969, which might bring some bullish impulse, however, if it fails to stop the bearish trend, then the price is likely to decline until the monthly PP at 1.2844, which in turn will probably reverse the prevailing tendency. Nevertheless, the overall indicator outlook is bullish, therefore a soon trend reversal should be expected.
Traders' sentiment
Traders at SWFX market expect the downtrend to prevail, since 26% of traders hold long positions and 74% of traders hold short positions. The situation of orders is more neutral, as 46% of traders ordered to buy and 54% ordered to sell the Euro.
© Dukascopy Bank SA