© Dukascopy Bank SA
The bearish reaction, which occurred yesterday, did not manage to decline even further, as today the EUR/CAD currency pair experienced another bullish correction, and at the particular moment the currency couple is slowly heading towards the 200-day SMA at 1.2827, which will probably bring some bearish momentum. In case it fails to stop the rally, then next resistance at 1.2864 (weekly R1) might stop the prevailing movement upwards. In addition, the overall indicator outlook remains neutral, and current supports are at 1.2641, 1.2554 and 1.2520, and so far there are no signs that they might be breached.
Traders' sentiment
SWFX market participants are completely neutral regarding the EUR/CAD currency pair, as exactly 50% of traders hold long positions and 50% of traders hold short positions. In contrast, the distribution of orders clearly spots bullish tendency expectations, since almost 71% of traders ordered to buy and only 29% ordered to sell the single European currency.
© Dukascopy Bank SA