© Dukascopy Bank SA
The interim bullish tendency, which started more than a week ago, has failed to continue, as today EUR/CAD experienced a significant bearish decline. At the particular moment the currency pair confront the weekly PP at 1.2850, which might slow down the downtrend, however, if it is broken, then the price will probably reach the 200-day SMA at 1.2762, which in turn is very likely to stop the current movement downwards. In addition, RSI indicator still shows a neutral signal, as well as the overall indicator outlook has changed from positive to neutral.
Traders' sentiment
Traders at SWFX market expect the singe European currency to depreciate against the Canadian Dollar, as only 37% of traders hold bullish positions and 63% of traders hold bearish positions. The situation with orders is very similar, since only 33% of traders ordered to buy and 67% ordered to sell the Euro.
© Dukascopy Bank SA