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The bearish reaction, which occurred yesterday, failed to continue, as today the EUR/CAD currency pair gained some bullish momentum. As for now the currency couple is heading towards the weekly R1 at 1.3016, which is likely to stop the uptrend. However, if it is breached, then the price might reach the upper Bollinger band, which in turn is expected to change the direction of the current bullish movement. In addition, the overall indicator outlook is bullish, therefore supporting the prevailing uptrend.
Traders' sentiment
SWFX market participants expect the single currency to depreciate against the Canadian Dollar, since 28% of traders hold bullish positions and 72% of traders hold bearish positions. The situation wit orders is quite neutral, as 54% of traders ordered to buy and 46% ordered to sell the Euro;.
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