USD/CAD preserves bullish momentum

USD/CAD continues to gain ground after receiving a strong upward impetus near 1.10. The closest resistance is at 1.1218/1.1180, but it should not keep the currency pair busy for long, as it consists only of the weekly R1 and the Bollinger band. A similar situation is with the next resistance at 1.1298—the weekly R2. However, the technical indicators do not favour a bullish outlook, they are largely mixed.

The sentiment towards USD/CAD keeps on improving, but the percentage of long positions open in the market is still below the 10-day average of 59.5%, namely at 56%. Concerning the orders set around the current price, there is a slight advantage of sell ones (57%).