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Yesterday's bearish reaction did not manage to last long, and today EUR/CAD experiences a significant bullish correction, which has already managed to cross the weekly R1 at 1.2476. Currently, the price is slowly moving towards the upper Bollinger band at 1.2584, which is expected to change the direction of the present movement. In case it is broken, then next resistance at 1.2611 (weekly R2) will probably bring some bearish impulse. In addition, RSI indicator remains neutral, although it has made a significant move towards the over-bought area.
Traders' sentiment
SWFX market participants are optimistic about the potential strength of the single European currency, as 68% of traders hold long positions and 32% of traders hold short positions. However, the orders are distributed in a rather neutral manner, since 44% of traders ordered to buy and 56% ordered to sell the Euro.