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Supports: 1.2355; 1.2296; 1.2211
Outlook
Yesterday's bearish reaction did not manage to last for long, and today the EUR/CAD currency pair experiences a small bullish reaction, and EUR/CAD already managed to touch the 55-day SMA at 1.2404, and now the price is gradually moving towards the monthly PP at 1.2498, which will probably bring some bearish impetus. If it fails to stop the rally, then next resistance at 1.2550 (weekly R1) is very likely to reverse the interim tendency. Nevertheless, RSI indicator remains neutral, and it is expected to remain unchanged in the nearest future.
Traders' sentiment
SWFX market participants anticipate that the Euro will appreciate against the Canadian Dollar, as 73% of traders hold bullish positions and only 27% of traders hold bearish positions. The situation with orders, however, spots some bearish tendency expectations, since 36% of traders ordered to buy and 64% of traders ordered to sell the single European currency.