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Supports: 1.2374; 1.2335; 1.2281
Outlook
The bullish correction, which started yesterday, did not manage to last for a long time, and today the EUR/CAD currency couple experienced a small bearish reaction. As for now, the price is slowly heading towards the 55-day SMA at 1.2374, which might slow down the downtrend. In case it is breached, then the price might reach the 20-day SMA at 1.2335, which in turn is very likely to bring some bullish impulse. Moreover, RSI indicator shows neutral signal, therefore the currency pair is neither over-bought nor over-sold at the particular moment.
Traders' sentiment
SWFX market participants have mixed feeling regarding the potential strength of the Euro, since 56% of traders hold long positions and 44% of traders hold short positions. In contrast, the distribution of orders shows some bearish tendency expectations, as only 38% of traders ordered to buy and almost 62% ordered to sell the single European currency.