© Dukascopy Bank SA
Today EUR/CAD experienced another bullish correction, and at the particular moment the currency pair approaches the 200-day SMA at 1.2831, which will probably reverse the prevailing movement upwards. If it fails to stop the rally, then next resistance at 1.2864 (weekly R1) might bring some bearish impetus. Moreover, the overall indicator outlook is neutral, therefore no significant trend reversals are expected in the nearest future. On the other hand, current supports are at 1.2711, 1.2641 and 1.2554, and so far there are no signs that they might be broken.
Traders' sentiment
Traders at SWFX market expect the bullish tendency to continue, as 61% of traders hold long positions and only 39% of traders hold short positions. The orders are distributed in a similar manner, since 62% of traders ordered to buy and only 38% ordered to sell the single European currency.
© Dukascopy Bank SA