USD/CAD preserves bullish momentum

USD/CAD has just been facing a formidable supply area represented by the 100-day SMA and 2009 highs, but it still seems to be willing to advance further. The closest significant resistance is at 1.1058/37, consisting of the weekly R1 and 55-day SMA. However, the level 1.11 should prove to be even more challenging for the upward momentum, being that this resistance is created by the monthly PP and a recently breached rising trend-line.

Greenback remains to be considered as the stronger of the pair, 69% of traders are already long the U.S. Dollar. In addition, a majority of pending orders (65%) 50 pips from the spot are set to go long the buck as well.