© Dukascopy Bank SA
Today EUR/CAD advanced even higher, and the price has already managed to break the 55-day SMA at 1.2844, and now the currency couple is gradually heading towards the weekly R1 at 1.2943, which is likely to bring some bearish impetus, however, if it is breached, then the price might advance until the upper Bollinger band at 1.2987, which in turn is expected to change the direction of the prevailing bullish tendency. In addition, the overall indicator outlook is neutral, and it is expected to stay unchanged in the upcoming days.
Traders' sentiment
Traders at SWFX marketplace are pessimistic regarding the EUR/CAD currency pair, as 27% of traders hold long positions and almost 73% of traders hold short positions. The distribution of orders as well shows slight bearish tendency expectations, since only 31% ordered to buy and 69% ordered to sell the Euro.
© Dukascopy Bank SA