USD/CAD retests the weekly S1

Even though the price is beneath the 55-day SMA, it does not demonstrate any strengthening bearish sentiments, as the price is bounded by the weekly S1 level at a 1.0133 level. Current situation delivers vague indications, since the price technically should drop down to a 1.0093 area, which is formed by the monthly S1, weekly S2 and the lower Bollinger band, but the pair fluctuates at the same level for a third day.

While the pair remains in the same price range and continues to hover at the weekly S1 level, traders show bullish sentiments and have marginally increased the buy side by 1% to 70%. Pending orders market is even more skewed on a bullish side than the spot market, since 72% of orders are waiting to buy the U.S. Dollar.