© Dukascopy Bank SA
Today the EUR/CAD currency couple experienced a significant bullish advance, which managed to break out of the upper Bollinger band, and at the particular moment the price is slowly moving towards the weekly R3 at 1.2784, which might slow down the uptrend. If it is breached, then next resistance at 1.2835 (200-day SMA) is likely to bring some bearish impetus. Nevertheless, RSI indicator shows a neutral signal, although the overall indicator outlook is still bullish.
Traders' sentiment
Traders at SWFX market have mixed feelings regarding the potential strength of the single European currency, since 58% of traders hold bullish positions and 42% of traders hold bearish positions. The distribution of orders clearly spots strong bullish trend expectations, as 90% of traders ordered to buy and only 10% ordered to sell the Euro.
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