USD/CAD struggles to breach 1.1192/80

USD/CAD has recently confirmed 1.10 as the new support and therefore is set to push forward, as implied by most of the near-term indicators. However, in order to confirm its long-term bullish intentions, the rate also has to overcome 1.1192/80 (weekly R1 and Bollinger band), which appears to be a challenge at the moment. Then 1.1298 will become the next objective.

The optimism in the market is gradually fading, since the bulls continue to lose ground. Their current percentage—55%, is below the yesterday's figure of 57% and below the 10-day average of 60%. At the same time the amount of traders willing to short sell the buck fell from 70% down to 61%.