USD/CAD aims for Jan high

USD/CAD preserves the upward inertia and has already violated a number of significant supports, including the monthly pivot point and both 23.6% and 38.2% Fibonacci retracement levels of January's up-move. At the moment the currency pair is facing the weekly R2 at 1.1151, but could reach Jan 31 high in the nearest future, where a bearish correction is likely to begin.

Although the majority of the market participants retain bullish bias towards USD/CAD—there are substantially less bets on the U.S. Dollar's appreciation than 24 hours ago, when 63% of open positions were long, now it is 57% of them. Accordingly, the portion of sell orders soared, specifically from 38% to 66%.