© Dukascopy Bank SA
Today the EUR/CAD currency pair experienced a slight bullish correction, which at the particular moment is about to test the 55-day SMA at 1.2729, which is very likely to slow down the prevailing rally, however, if it is broken, then the currency couple will probably reach the 200-day SMA at 1.2750, which in turn is expected to change the direction of the current movement upwards. Nevertheless, RSI indicator shows a buy signal, as well as the overall indicator outlook is bullish, therefore supporting the prevailing trend.
Traders' sentiment
SWFX market participants expect the Euro to lose value against the Canadian Dollar, since only 25% of traders hold long positions and 75% of traders hold short positions. The situation with orders is quite similar, as only 32% of traders ordered to buy and 68% ordered to sell the single currency.
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