© Dukascopy Bank SA
The bearish trend, which started yesterday, did not manage to last long, as the EUR/CAD currency couple rebounded from the weekly PP at 1.2416, and now the price is slowly approaching the weekly R2 at 1.2552, which is likely to bring some bearish impetus. If it it breached, then the price might reach the upper Bollinger band at 1.2581, which in turn is very likely to change the direction of the prevailing tendency. In addition, most of the indicators show a buy signal, thus supporting the prevailing tendency.
Traders' sentiment
SWFX market participants maintain optimism regarding the potential strength of the Euro, since 70% of traders hold bullish positions and only 30% of traders hold bearish positions. The orders are distributed in a more neutral manner, as 45% of traders ordered to uy and 55% ordered to sell the single European currency.
© Dukascopy Bank SA