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The interim uptrend, which started a couple of days ago, has failed to continue, as the EUR/CAD currency pair bounced off the 200-day SMA, and at the particular moment the currency couple is gradually heading towards the monthly S1 at 1.2685, which will probably slow down the downtrend. In case it fails to stop the current tendency, then the price might reach the lower Bollinger band at 1.2618, which in turn is expected to change the direction of the prevailing downtrend. Nevertheless, the overall indicator outlook is neutral, therefore no significant trend reversals are expected in the nearest future.
Traders' sentiment
Traders at SWFX market are pessimistic about the EUR/CAD currency pair, as 27% of traders hold bullish positions and 73% of traders hold bearish positions. The situation with orders as well spots slight downtrend expectations, since 39% of traders ordered to buy and 61% ordered to sell the single currency.
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