Resistances: 1.2367;
1.2443; 1.2498 Supports: 1.2281; 1.2195; 1.2107
Outlook Despite being traded within a bearish
channel, EUR/CAD currency pair experienced another rally today. Besides,
yesterday's dip failed to extend to a new low, as a result, EUR/CAD is
presently slowly approaching a 20-day SMA at 1.2367, where it might find
formidable resistance. In case movement upwards proves to be strong enough to
break the latter level, then next resistance at 1.2443 (Weekly R2) might bring downwards
trend back. As for now, RSI indicators remains neutral, giving no warnings for
the traders. On the other hand, current support levels are at 1.2281, 1.2195
and 1.2107 and there are no signs that they might be breached.
Traders' sentiment Traders at SWFX market have mixed feelings with
respect to EUR/CAD currency pair, since 54% of all traders hold short positions
and 46% of them hold long positions. The situation with orders is rather
similar, since 43% of traders ordered to buy EUR/CAD currency pair and 57%
ordered to sell it, expecting that the single European currency will depreciate
against the Canadian Dollar.
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