USD/CAD finds support at 1.0447

For a brief moment USD/CAD was dangerously close to breaching 1.0447, which most probably would mean a decline down to 1.0267, a cluster of supports consisting of the falling support line and the monthly pivot point, as well as 55 and 100-day SMAs. However, it seems that the pair will soon test 1.0521, which is 75 pips below the next resistance—weekly R1.

Market participants were right to assume that USD/CAD still preserves upward momentum—74% of them are bullish on the pair and it did start a recovery that is unlikely to fade in an instant. As for the orders, the gap between the buy (59%) and the sell (41%) ones narrowed to 18 percentage points.