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Supports: 1.2141; 1.2105; 1.2084
Outlook
Yesterday EUR/CAD failed to advance further, thus a small setback happened, and now the EUR/CAD currency pair has renewed its bearish tendency and the price is heading towards the lower Bollinger band at 1.2141, from where it might bounce back. However, if it fails to stop the dip, then next support at 1.2103 (monthly S1) will probably bring some bullish impulse. Moreover, RSI indicator remains neutral, although it has made a slight move towards the over-sold area.
Traders' sentiment
Despite prevailing bearish trend, traders at SWFX market expect the single European currency to gain value against the Canadian Dollar, as 74% of traders hold long positions and 26% of traders hold short positions. In contrast, the situation with orders clearly spots bearish trend anticipation, since more than 71% of traders ordered to sell and only 29% ordered to buy the Euro.