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Supports: 1.2355; 1.2291; 1.2211
Outlook
The bearish trend, which started three days ago, has finally ended, and now a bullish correction takes place. As for now, the EUR/CAD currency pair is heading towards the 55-day SMA at 1.2420, which might slow down the recently established movement upwards, however, if it fails to stop the rally, then the price might reach the monthly PP at 1.2498, which in turn is expected to bring some bearish momentum. Moreover, RSI indicator keeps showing neutral signal, therefore the currency couple is neither over-bought nor over-sold at the particular moment.
Traders' sentiment
Traders at SWFX market remain optimistic regarding the potential strength of the Euro, since almost 75% of traders hold long positions and only 25% of traders hold short positions. The situation with orders, however, is rather neutral, as 57% of traders ordered to buy and 43% ordered to sell the single European currency.