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Supports: 1.2287; 1.2272; 1.2256
Outlook
EUR/CAD continues its movement within the price channel, which was formed two weeks ago. As for now, the bearish trend, which started two days ago keeps advancing, and now the price is about to confront the lower Bollinger band at 1.2287, where the downtrend might be reversed, but if it fails to stop the bearish tendency, then next support at 1.2272 is very likely to bring some bullish impulse. In addition, RSI indicator remains neutral and present resistances are at 1.2350, 1.2363 and 1.2395, and they seem to be secure for now.
Traders' sentiment
SWFX market participants expect the single European currency to appreciate against the Canadian Dollar, as 72% of all traders hold long positions on the EUR/CAD currency couple. In contrast, the situation with orders remains pessimistic, since almost 69% of traders ordered to sell the Euro.