© Dukascopy Bank SA
The bearish trend, which started a couple of days ago, has successfully managed to continue, as today the EUR/CAD currency pair experienced another bearish reaction, which has already managed to breach the 55-day SMA at 1.2818, and now the currency couple is about to test the weekly S2 at 1.2763, which might slow down the downtrend, but if it fails to stop the bearish movement, then the price will probably reach the 200-day SMA at 1.2700, which in turn is expected to change the direction of the prevailing downtrend. Nevertheless, the overall indicator outlook is bullish, therefore supporting the potential trend reversal in the nearest future.
Traders' sentiment
Traders at SWFX market expect the downtrend to continue, since 30% of traders hold bearish positions and 70% of traders hold bullish positions. The situation with orders as well spots some downtrend expectations, as 36% of traders ordered to buy and 64% ordered to sell the single currency.
© Dukascopy Bank SA