USD/CAD closes above weekly PP

Although the May high was not seen as a strong level, USD/CAD received a strong upward impetus after a test of 1.1280. The currency pair has already crossed the weekly PP and 20-day SMA at 1.1320, meaning the weekly R1 at 1.1373 may fall victim to the bulls soon as well. The next resistance will be at 1.1410, represented by the monthly R1, while the major supply zone is at 1.1470, where the 2014 high merges with the weekly R2.

The portion of bulls keeps contracting, but they are still taking up the largest part of the market, namely 71% of it. Meanwhile, 65% of pending orders placed 100 pips from the spot price are to purchase the US Dollar against the Loonie.