USD/CAD erodes 1.0485

As feared, the weekly pivot point was unable to rekindle interest of traders in the U.S. Dollar. This allowed USD/CAD to dip down to the weekly S1 at 1.0485, which also has a low possibility of stopping the pair from falling down to 1.0455. There the bearish tendency is likely to be reversed, though the bullish outlook will be topical as long as the rising support line at 1.0367 is not violated.

From the most recent changes in the SWFX sentiment we may conclude that the traders have taken the advantage of cheaper U.S. Dollar, since the portion of longs rose to 73%. Meanwhile, the distribution between the buy and sell orders is 59% to 41% accordingly.