© Dukascopy Bank SA
Today the EUR/CAD currency pair experienced another bullish correction, and at the particular moment the currency couple is heading towards the 200-day SMA at 1.2767, which is likely to slow down the rally. In case it fails to stop the uptrend, then the price is likely to reach the upper Bollinger band at 1.2798, which in turn is expected to reverse the prevailing movement upwards. Moreover, the overall indicator outlook is positive, therefore supporting the prevailing bullish tendency.
Traders' sentiment
SWFX market participants anticipate that the single European currency will gain value against the Canadian Dollar, as 67% of traders hold bullish positions and only 33% of traders hold bearish positions. The situation with orders is very similar, since 71% of traders ordered to buy and only 29% ordered to sell the Euro.
© Dukascopy Bank SA