USD/CAD hovers near weekly S2

Seems that the weekly S2 level is more sustainable as it might be thought from the first sight. The loonie is traded flat around 1.0075 for a third day and the price is sideways for the longest time since the beginning of depreciation on 23th of April. In case bets on a stronger Canadian currency get wider acceptance, USD/CAD should be stopped either by the Bollinger band at 1.0043 or the 200-day SMA at 1.0003.

Bulls are in the lead of the spot market, as they control 75% of opened positions. Since the price is at a two and a half month low, traders use opportunity to buy the pair at a relatively low rate. Waiting orders segment is bullish with 68% of buy orders.