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The bearish trend, which started a couple of days ago, successfully managed to continue, and today the EUR/CAD currency pair experienced another bearish reaction. As for now, the currency couple is slowly approaching the 20-day SMA at 1.2625, which is expected to bring some bullish impulse. If it fails to stop the downtrend, then next support at 1.2554 (monthly R1) will probably change the direction of the prevailing movement downwards. Additionally, RSI indicator still shows a neutral signal, however, the overall indicator outlook is bullish.
Traders' sentiment
SWFX market participants have mixed feelings regarding the EUR/CAD currency couple, as 42% of traders hold bullish positions and 58% of traders hold bearish positions. The situation with orders shows a complete contrast, since 76% of traders ordered to buy and only 24% ordered to sell the Euro.
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