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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.