© Dukascopy Bank SA
Today the EUR/CAD currency pair experienced a slight bearish movement, which has already managed to breach the 55-day SMA, and now the currency couple is about to test the 200-day SMA at 1.2730, which is expected to reverse the prevailing movement downwards. In case it broken, then the price is very likely to reach the monthly S1 at 1.2685, which in turn will probably bring some bullish impetus. Nevertheless, RSI indicator shows a neutral signal, although the overall indicator outlook remains negative.
Traders' sentiment
Traders at SWFX market expect the Euro to lose value against the Canadian Dollar, since only 25% of traders hold bullish positions and 75% of traders hold bearish positions. The situation with orders as well shows some downtrend expectations, as 41% of traders ordered to buy and 59% ordered to sell the single currency.
© Dukascopy Bank SA