USD/CAD breaches Bollinger band

The loonie advanced so rapidly that the exchange rate exceeded the upper Bollinger band by 70 pips for a moment on Friday's trading session. Today the pair consolidates slightly lower, at 1.0282, where the Bollinger band is currently positioned. USD/CAD has to take a break while technical indicators catch up the spot price, thus in that time the pair might slightly slip, to a 1.0226 level, where the weekly pivot point merges with the monthly R1.

Investors enjoy the upside movement and open even more buy positions. Currently the market is divided into 71% of long positions and 29% of short. Waiting orders segment is bullish with 72% of buy orders.