© Dukascopy Bank SA
The bearish reaction, which occurred yesterday, successfully managed to continue, and today EUR/CAD experienced another bearish decline, and now the price is slowly approaching the weekly S1 at 1.2607, which is very likely to bring some bullish impetus. If it is broken, then the price might reach the weekly S2 at 1.2538, which might change the direction of the prevailing downtrend. In addition, the overall indicator outlook is positive, therefore a soon trend reversal could be expected.
Traders' sentiment
Traders at SWFX market have slight downtrend expectations, since 40% of traders hold long positions and 60% of traders hold short positions. In contrast, the situation with orders shows slight uptrend expectations, as 67% of traders ordered to buy and 33% ordered to sell the Euro.
© Dukascopy Bank SA