USD/CAD rebounds from 1.0233

At the moment USD/CAD is trying to restore the bullish outlook, being that recently the rate has closed below the long-term moving average, thereby casting doubt on the ability of the pair to rebound from the rising trend-line that is drawn through all of the major troughs of the last 12 months. Nevertheless, 1.0233 managed to stay intact and underpin the greenback against the loonie.

The most recent behaviour of USD/CAD justifies positioning of the majority of market participants, as the buck is rising in value relative to the Canadian Dollar and 72% of all the positions opened on the pair are long. As for the orders, 67% are to acquire and 33% are to sell the U.S. Dollar.