© Dukascopy Bank SA
The interim uptrend successfully managed to prevail, as today the EUR/CAD currency couple experienced another consequent bullish correction, and at the particular moment the currency pair is about to test the 200-day SMA at 1.2796, which is very likely to reverse the current movement upwards. In case it is broken, then the price is likely to reach the monthly R1 at 1.2820, which in turn will probably bring some bearish impetus. Additionally, the overall indicator outlook now is neutral, and it is not expected to change in the nearest future.
Traders' sentiment
Traders at SWFX market are optimistic regarding the potential strength of the Euro, since 61% of traders hold bullish positions and only 39% of traders hold bearish positions. The distribution of orders shows even higher uptrend expectations, as 82% of traders ordered to buy and only 18% ordered to sell the single European currency.
© Dukascopy Bank SA