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Supports: 1.2357; 1.2288; 1.2201
Outlook
Interim bullish trend was finished yesterday, when the EUR/CAD currency pair rebounded from the upper Bollinger band at 1.2525, and today the price has experienced a bearish reaction, which has already managed to breach the 55-day SMA at 1.2446, and now the currency couple is slowly approaching the weekly R1, which might slow down the downtrend. If it fails to stop the movement downwards, then next support at 1.2288 (20-day SMA) is likely to bring some bullish impulse. Moreover, RSI indicator remains neutral, therefore the EUR/CAD currency pair is neither over-bought nor over-sold at the particular moment.
Traders' sentiment
Despite current bearish reaction, traders at SWFX market remain optimistic about the potential strength of the single European currency, since 74% of traders hold bullish positions and 26% of traders hold bearish positions. The situation with orders is rather similar, as almost 67% of traders ordered to buy and only 33% ordered to sell the Euro.