USD/CAD slid beneath 1.10

Although there was a good chance for the U.S. Dollar to find support at 1.1000/1.0979, as it consists of the 2009 highs, monthly PP and 38.2% Fibo, USD/CAD closed beneath it yesterday. Consequently, the rate may fall even lower from here, possibly down to the level of 1.0916, before the bullish momentum is fully restored and the price resumes moving in accordance with the weekly technicals.

Less and less SWFX market participants believe that the greenback is going to further underperform its neighbour, being that the portion of long positions grew from 59% up to 62%. At the same time, the share of buy orders placed on USD/CAD 100 pips from the spot soared from 49% up to 67%.