USD/CAD's sell-off stopped by Mar high

The May high that is presently keeping the US Dollar afloat is not considered to be a reliable support. The current rally will likely end near the weekly PP and a dip should ensue. Nevertheless, the overall bias is positive—the bullish outlook is ensured by the intactness of concentrated demand in the area between 1.1240 and 1.1220, namely a cluster of the up-trend, monthly PP and 55-day SMA. Moreover, weekly and monthly studies are giving ‘buy' signals.

Despite there being relatively less longs then yesterday, still an overwhelming majority (73%) of the SWFX market participants believes the Greenback is going to outperform its Canadian counterpart.