USD/CAD consolidates above 1.1080

Following a test of the 50% Fibonacci retracement of the January rally, USD/CAD has gained a foothold above the support provided by 23.6% Fibo and the weekly PP. Given that the daily and weekly studies are bullish, the U.S. Dollar may appreciate even more relative to its Northern counterpart. However, the gains are likely to be capped by the up-trend resistance line at 1.1233/24.

Bullish with respect to USD/CAD sentiments are becoming more popular, being that the long positions (yesterday 57%) enhanced their advantage over the short ones, as their percentage edged up to 59%. As for the orders that are close to spot rate, 75% are to buy and 25% are to sell the greenback.