USD/CAD loses momentum ahead of 1.10

Even though some of the indicators on the daily chart are still in favour of further appreciation of the greenback, it appears that USD/CAD will be unable to overcome 1.10. Accordingly, it is more likely for the currency pair to descend down to the up-trend support line at 1.0814/1.0784 before it manages to gather enough strength to challenge the 2009 September high once again and breach it.

The difference of 22 percentage points between the bulls (61%) and bears (39%) remains unchanged, although the pace of price's advancement has notably decelerated. Meanwhile, 100 pips from the current price there are notably more sell orders (75%) than buy ones (25%) placed on USD/CAD.