USD/CAD reverses at weekly R1

Seems that the Canadian Dollar attempts to recover its positions, as today the price reversed from the weekly R1 level at 1.0370 and returned into the Bollinger band range. However, this might be only a short-term reaction to optimistic U.S. economic figures and in a few days the U.S. Dollar may strengthen further. The RSI has a value of 65 and yesterday reached a level of 70 for the first time in two months.

Investors maintain bullish sentiments, as the buy side keeps a 73% share. Seems that the rapidly increasing exchange rate does not frighten traders and they expect to see new highs. Waiting orders market is bullish with 65% of orders to buy the loonie.