© Dukascopy Bank SA
Today the EUR/CAD currency couple rebounded from the 200-day SMA at 1.2795, and currently the downtrend is in action. As for now, the currency pair is moving towards the weekly R2 at 1.2726, which might slow down the decline. However, if it is broken, then next support at 1.2693 (20-day SMA) is very likely to reverse the direction of the current bearish tendency. Nevertheless, RSI indicator now shows a buy signal, although the overall indicator outlook remains neutral.
Traders' sentiment
Traders at SWFX market are rather neutral about the potential strength of the single European currency, as 57% of traders hold long positions and 43% of traders hold short positions. The situation with orders spots slight bullish tendency expectations, since exactly 60% of traders ordered to buy and only 40% ordered to sell the Euro.
© Dukascopy Bank SA