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The bearish trend, which started less than a week ago, has failed to continue, as today the EUR/CAD currency pair experienced a slight bullish correction, and now the currency couple is moving towards the 55-day SMA at 1.2818, which will probably slow down the uptrend, however, if it is breached, then the price might reach the weekly R1 at 1.2943, which in turn is likely to bring some bearish impetus. Nevertheless, the overall indicator outlook is bullish, therefore supporting the prevailing movement upwards.
Traders' sentiment
Traders at SWFX market are pessimistic about the EUR/CAD currency pair, as 29% of traders hold bullish positions and 71% of traders hold bearish positions. The situation with orders as well shows some downtrend expectations, since 25% of traders ordered to buy and 75% ordered to sell the Euro.
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