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The downtrend, which started yesterday, failed to continue, and today the EUR/CAD currency couple experiences a small bullish correction. As for now, the price is slowly moving towards the upper Bollinger band at 1.2554, which is expected to change the direction of the prevailing movement upwards. If it fails to stop the rally, then next resistance at 1.2591 (weekly R1) will probably bring some bearish momentum. Nevertheless, RSI indicator shows a neutral signal, although the overall indicator outlook is positive.
Traders' sentiment
Traders at SWFX market expect the Euro to gain value against the Canadian Dollar, since 63% of traders hold long positions and only 37% of traders hold short positions. In contrast, the distribution of orders clearly spots some downtrend expectations, as only 38% of traders ordered to buy and 62% of traders ordered to sell the single European currency.
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