USD/CAD hovers at 1.0008/02

USD/CAD remains steady, hanging just above 1.0008/02, the 20-day SMA and a weekly pivot level. For now the price is in no hurry to get ready for a trip north, but the prospects are from neutral to positive. We are expecting to see a return to a 1.0081/71 level and possibly even a surge up to 1.0107/06, since beneath is a confluence of 55, 100 and 200-day SMAs that are unlikely to allow a dip to extend below them.

The long/short ratio exhibits enviable constancy, since the share of bulls stays at 64% amid largely sideways trading of USD/CAD during the past two days. The dominance of bulls is even more pronounced while looking at the distribution between buy (72%) and sell (28%) orders.