USD/CAD approaches 1.2840

USD/CAD maintains its upward momentum and so far ignores all identified nearby resistances. Right now the currency pair is eroding a combination of the weekly R2 and monthly R1 at 1.2757/35, and this area is also expected to fall victim to the rally. The next supply zone, however, namely the one around 1.2840, is unlikely to give in easily, and there is a good chance of a considerable pullback from there, potentially down to 1.25.

There was a slight decrease in the relative number of bullish market participants, but the sentiment is still distinctly positive. Concerning the pending orders, unlike yesterday, there are now more buy ones (58%) than sell ones (42%).