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The downtrend, which started yesterday, successfully managed to continue, as today the EUR/CAD currency couple experienced another consequent bearish reaction, which has already managed to breach the monthly R1 at 1.2820. As for now the currency pair is facing the weekly R2 at 1.2800, which might bring some bullish impetus. If it is breached, then the price might reach the 200-day SMA at 1.2765, which in turn is expected to stop the prevailing trend. Nevertheless, RSI indicator still shows a neutral signal, as well as the overall indicator outlook remains neutral.
Traders' sentiment
SWFX market participants have slight downtrend expectations, since 43% of traders hold bullish positions and 57% of traders hold bearish positions. The distribution of orders, however, spots some slight bullish trend expectations, as 58% of traders ordered to buy and 42% ordered to sell the single European currency.
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