USD/CAD follows the previous sentiment

The USD/CAD followed the previous day sentiment and slid below the weekly S1 at 1.247. Such an engulfing bearish candlestick pattern signalizes for a possible future move to the south. In addition to that, the RSI divergence only confirms the downside scenario. In case of a break below the April 2009 hight at 1.246, the way should be opened further until the next major level, monthly PP at 1.237.

Half of all market participants are selling the pair. However, the 50– pip pending orders are placed to buy for 100% of all and the 100– pip ones are bought only by 43% of the case.