USD/CAD contained by 1.0342/29

For the time being nearly all of the daily indicators are bearish and the resistance at 1.0342/29 prevents the rate from going any higher. Nevertheless, we would not expect this ceiling to hold for long, being that in the long-term the U.S. Dollar is anticipated to outpace the loonie, thus USD/CAD will more away from the 200-day SMA to the upside.

The share of open long positions added two percentage points and currently amounts to 73% of the market, even though the currency pair itself has been largely flat the past few days. The gap between the buy (64%) and sell (36%) orders has narrowed since the previous report.