USD/CAD stands still just beneath 1.0357

We were ready to see a sell-off from the weekly pivot point, but the buying pressure is keeping the pair afloat near today's open price. This could mean that the bearish correction of the bullish run in the previous month may have finally come to an end. In any case, a support area that stretches from the 20-day SMA at 1.0301 down to 1.0267 preserves a bullish outlook on USD/CAD.

Even though USD/CAD is trading at the same level as yesterday, the difference between the shares of long and short positions narrowed. It was not a major change, but now bulls constitute 71% of all the traders. The distribution between the buy and sell orders is 66% to 34% respectively.