USD/CAD slips to 1.0182

After hitting the resistance at 1.0228/14 the U.S. Dollar was sold off down to the interim support line at 1.0182, although it is not expected to hold the pair from reaching lower levels. The bearish pressure will likely push the price towards a 1.0114-1.0068 zone in the near term, there demand should prevent further extension of the dip and initiate a recovery stronger than the one we saw recently.

A considerable majority (71%) of market participants are long the U.S. Dollar, believing that USD/CAD has already bottomed out and will be unable to descend any further, being that the 200-day SMA stands as a support level. The distribution between the buy and sell orders was little changed—now 54% and 46% respectively.