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The interim uptrend, which started more than a week ago, successfully managed to advance further, as today the EUR/CAD currency pair experienced another bullish advance. At the particular moment the currency couple confronts the upper Bollinger band at 1.3017, which is expected to reverse the direction of the current movement. However, if it fails to slow down the rally, then the price might reach the weekly R2 at 1.3162, which is very likely to stop the prevailing trend. Nevertheless, the overall indicator outlook is neutral, therefore no significant trend reversals are expected in the nearest future.
Traders' sentiment
SWFX market participants have slight downtrend expectations, since only 39% of traders hold bullish positions and more than 61% of traders hold bearish positions. In contrast the distribution of orders spots some uptrend expectations, as almost 63% of traders ordered to buy and only 37% ordered to sell the Euro.
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