USD/CAD testing 2012 highs

USD/CAD continues to disregard the technical indicators, which are mixed at the moment, and maintains a bullish bias. Soon, if the tendency is kept as it is, the currency pair will challenge the 2012 year highs at 1.0701/1.0685, also the current position of the monthly R1 and weekly R2. In case this area is overcome, the price may set the next target at 1.0923—the rising resistance line that has been in force since September of 2012.

The sentiment of the SWFX market participants remains strongly in favour of a rally—73% of positions are currently long and only 27% of them are short. Concerning the orders placed on the pair, the difference between the amounts of buy (53%) and sell (47%) orders is minimal.