EUR/CAD rebounds from 1.2269

© Dukascopy Bank SA

Resistances: 1.2356; 1.2443; 1.2494
Supports: 1.2269; 1.2194; 1.2105

Outlook
EUR/CAD experienced a small bullish correction today, however, the price stayed within a downward channel, and the outlook remains bearish. If the rally continues, it might encounter a 20-day SMA at 1.2356, which might prove to be significant resistance for the current bullish reaction. In case EUR/CAD currency pair manages to breach it, then next resistance at 1.2443 (Weekly R1) is very likely to reverse presently prevailing trend. Besides, RSI indicator shows neutral signal, indicating that EUR/CAD currency couple is neither over-bought nor over-sold.

Traders' sentiment
Traders' sentiment at SWFX market remains almost perfectly neutral, since 52% of traders hold long positions and 48% of traders hold short positions. In contrast, the distribution of orders demonstrates strong expectations of the bearish tendency, as 82% of traders ordered to sell and only 18% ordered to buy the Euro.