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Supports: 1.2166; 1.2105; 1.2084
Outlook
The bullish reaction, which was started yesterday, persists, and the EUR/CAD currency pair has already managed to reach and overcome the weekly PP at 1.2258. As for now, the price rallies even further and is about to face the 20-day SMA at 1.2311, which might slow down the movement upwards. In case it is broken, then next resistance at 1.2346 (weekly R1) will probably bring some bearish momentum. Moreover, RSI indicator shows neutral signal and is expected to remain unchanged in the nearest future.
Traders' sentiment
Traders at SWFX market remain optimistic regarding the potential strength of the single European currency, as 72% of all traders hold long positions on the EUR/CAD currency couple. The orders, however, are distributed more neutrally, since 58% of orders are to buy and 42% of orders are to sell the Euro.