© Dukascopy Bank SA
The bullish trend, which started yesterday, successfully managed to continue, as today EUR/CAD experienced another bullish correction. At the particular moment the currency couple is about to test the weekly R2 at 1.2726, which will probably bring some bearish momentum. If it fails to stop the rally, then next resistance at 1.2758 (weekly R3) might change the direction of the current movement upwards. Additionally, the overall indicator outlook is bullish, therefore the current bullish tendency is expected to prevail in the nearest future.
Traders' sentiment
SWFX market participants are rather neutral about the EUR/CAD currency couple, as 44% of traders hold long positions and 56% of traders hold short positions. As for the orders, 70% of them are to buy the Euro and only 30% of them are to sell it against the Canadian Dollar.
© Dukascopy Bank SA