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The downtrend, which started a couple of days ago, successfully managed to continue, and today the EUR/CAD currency pair experienced another bearish decline. At the particular moment the currency couple is heading towards the 20-day SMA at 1.2634. If it is breached, the the price might reach the weekly S1 at 1.2607, which in turn will probably bring some bullish impulse. Additionally, the overall indicator outlook is bullish, therefore a soon trend reversal could be expected.
Traders' sentiment
SWFX market participants expect the Euro to lose value against the Canadian Dollar, since 33% of traders hold bullish positions and 67% of traders hold bearish positions. In contrast, the distribution of orders shows strong bullish tendency expectations, as 76% of traders ordered to buy and 24% ordered to sell the single European currency.
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