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Supports: 1.2355; 1.2293; 1.2211
Outlook
Yesterday's bullish correction failed to continue today, as the price rebounded from the 55-day SMA at 1.2413, and now the EUR/CAD currency pair is heading towards the weekly PP at 1.2355, which might bring some bullish impetus. In case it fails to stop the downtrend, then the currency couple might reach the 20-day SMA at 1.2293, which will probably change the direction of the current tendency. Nevertheless, RSI indicator shows neutral signal, ant present resistances are at 1.2413, 1.2498 and 1.2553.
Traders' sentiment
SWFX market participants anticipate the single European currency to appreciate against the Canadian Dollar, as 72% of traders hold long positions and only 28% of traders hold short positions. The distribution of orders, however, shows a complete contrast, since only 33% of traders ordered to buy and 67% ordered to sell the Euro.