USD/CAD consolidates at 1.0512

USD/CAD does not seem to be in a hurry to move farther north, wobbling just beneath the monthly R1 at 1.0512. Once this hurdle is overcome however, the pair is likely to aim for the July high at 1.06, although the near-term studies are largely mixed, suggesting the absence of any distinct trend in the short run. Meanwhile, the supports at 1.0462 and 1.0404 are to prevent the dips that might occur.

Apparently, the bulls of the SWFX marketplace exploited the recent pullback and enhanced their exposure towards the greenback, being that the percentage of longs is now 73% (72% yesterday). Concerning the orders placed on the pair, 57% are to acquire and 43% are to sell the buck against the loonie.