USD/CAD to surpass 1.0437/34

USD/CAD continues to develop the rally started at 1.0285. At the moment the currency pair is testing the weekly R1 at 1.0437/34, but this level is highly unlikely to restrain the price for long. In the medium term there is a good chance the U.S. Dollar will be able to appreciate at least up to the July high at 1.06, a scenario implied by the monthly studies as well.

Despite the fact that the U.S. Dollar is getting more expensive against the loonie for a third day, the number of traders willing to purchase it is increasing. Since the previous report the share of long positions on USD/CAD has grown up by one percentage point to 73%.