© Dukascopy Bank SA
Today the EUR/CAD currency pair experienced another bearish decline, which has managed to cross the 20-day SMA, and now the price is slowly approaching the weekly R1 at 1.2613, which might bring some bullish impulse. If it fails to stop the downtrend, then next support at 1.2579 (lower Bollinger band) will probably reverse the direction of the prevailing bearish tendency. Additionally, RSI indicator now shows a buy signal, although the overall indicator outlook still is neutral.
Traders' sentiment
SWFX market participants are neutral about the potential strength of the single European currency, since 54% of traders hold bullish positions and 46% of traders hold bearish positions. The distribution of orders, however, spots slight uptrend expectations, as 67% of traders ordered to buy and 33% ordered to sell the Euro.
© Dukascopy Bank SA