USD/CAD moves away from 1.0285/71

Although yesterday it seemed as if the support at 1.0285/71 may fall victim to the selling pressure, the 200-day SMA, together with the weekly pivot, withstood the assault and pushed USD/CAD towards an important level at 1.0348/42, where the monthly S1 and 20-day SMA reside. The daily indicators keep on pointing downwards, but we retain the bullish outlook on the pair.

The bulls preserve their significant advantage in numbers over the bears, taking up an overwhelming majority of the market, namely 73% of it. This perfectly reflects the fact that the U.S. Dollar is currently one of the most popular and the loonie is one of the least popular currencies.