EUR/CAD breaches weekly R2 at 1.2726

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Outlook
Today the EUR/CAD currency pair experienced another bullish correction, and at the particular moment the currency couple is heading towards the 200-day SMA at 1.2767, which is likely to slow down the rally. In case it fails to stop the uptrend, then the price is likely to reach the upper Bollinger band at 1.2798, which in turn is expected to reverse the prevailing movement upwards. Moreover, the overall indicator outlook is positive, therefore supporting the prevailing bullish tendency.

Traders' sentiment
SWFX market participants anticipate that the single European currency will gain value against the Canadian Dollar, as 67% of traders hold bullish positions and only 33% of traders hold bearish positions. The situation with orders is very similar, since 71% of traders ordered to buy and only 29% ordered to sell the Euro.

© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.