© Dukascopy Bank SA
The bullish correction, which occurred yesterday, did not manage to continue, as today the EUR/CAD currency couple experienced a slight bearish reaction, and at the particular moment the price is gradually heading towards the weekly PP at 1.2850, which might bring some bullish impulse. In case it fails to stop the downtrend, then the currency pair is likely to reach the 200-day SMA at 1.2759, which in turn is expected to change the direction of the current tendency. In addition, the overall indicator outlook remains positive, therefore supporting the potential trend change in the nearest future.
Traders' sentiment
Traders at SWFX market anticipate that the prevailing downtrend will continue, as 32% of traders hold bullish and 68% of traders hold bearish positions. The distribution of orders, however, spots some bullish tendency expectations, since 62% of traders ordered to buy and only 38% ordered to sell the Euro.
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