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Supports: 1.2104; 1.2084; 1.1996
Outlook
The interim downtrend, which started two days ago, continues, and today the EUR/CAD currency pair is slowly declining towards the lower Bollinger band at 1.2104, which will probably bring some bullish impetus. In case it fails to stop the prevailing tendency, then the price might reach the weekly S1 at 1.2084, which will probably reverse the prevailing downtrend. In addition, RSI indicator remains neutral, although it has made a significant move towards the over-sold area.
Traders' sentiment
Traders at SWFX market anticipate that the Euro will gain value against the Canadian Dollar, since 74% of traders hold long positions and only 26% of traders hold short positions. In contrast, the situation with order shows strong bearish trend expectations, as only 30% of traders ordered to buy and 70% of traders ordered to sell the single European currency.