USD/CAD trades at weekly S1

The loonie is on the long-term slide, as the price weakens since 17th of April. Today the pair is traded at the weekly S1 level at 1.0033, which is the last support before the key level—the 200-day SMA at 1.0012. The price is at a level which was reached last time only on Feb 14 and some technical indicators already warn about a potentially oversold situation. For example, the RSI has a value of 31 and fluctuates around this level despite the fact that the spot price posts new lows.

The vast majority of investors keep their money in long positions on this pair, since 72% of opened positions are long, indicating that traders are willing to see a recovery soon. Placed orders market is heavily bullish, as 81% of orders are to buy the U.S. Dollar.