USD/CAD attacks 1.0666/60

Right now USD/CAD is struggling at 1.0666/60, but its rally is highly unlikely to be stopped by this resistance, being that it only consists of the weekly R1 and the Bollinger band. The supply zone around the 2010 highs, on the other hand, poses a substantially more serious threat to the long-term recovery, as it is strengthened by the monthly R1 and weekly R2 levels and the technical indicators are not currently in favour of the U.S. Dollar's appreciation.

Despite a rapid surge of the U.S. Dollar relative to its Canadian counterpart the bullish traders are not being discouraged—the portion of bulls in the market even marginally increased, from 73% to 74%. In the meantime, the average frequency with which the loonie is acquired across the board soared from 30% to 36%.