USD/CAD slipped to 1.0521

Although at the moment of writing the spot price is nearly 40 pips below today's open, the currency pair retains its bullish potential, especially considering that five out of eight daily indicators are giving ‘buy' signals. Meanwhile, longer-term studies are not as unambiguous, but the outlook should stay bullish until the 2010 highs around 1.07 are attained, being that this level is at the same time the upper edge of the rising channel.

A two-percentage-point decline in the portion of the bulls to 71% did not change the fact that a vast majority of market participants consider the U.S. Dollar to be more valuable relative to its northern counterparts than it currently is. Accordingly, the SWFX traders' sentiment with respect to USD/CAD remains strongly positive.