USD/CAD preserves bullish momentum

Apparently, the weekly R1 will soon fall victim to the USD/CAD's bullish momentum, thereby paving the way towards the weekly R2 at 1.1298. And while the signals on the daily time-frame favour continuation of the rally, the indicators on the longer-term charts are mixed at the moment. Still, unless 1.10 is breached, the outlook on USD/CAD should remain bullish.

Little by little bulls are taking their profits, which results in a decrease of open long positions in the market. Right now 55% of them are to profit from U.S. Dollar's appreciation. In the meantime, the distribution between the buy and sell orders is beginning to shift towards the sell ones—they take up 66% of the total amount.