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While in the bigger picture USD/CAD remains within the boundaries of the ascending triangle, more locally it is building a channel up pattern, with the resistance at 1.0356 and the support at 1.0309. Below there is also the 200-hour moving average, a fact that hardens the case for a surge to be extended in the future, even though a majority of the daily studies suggest the currency pair will be a subject to a major sell-off.
SWFX market participants, in the meantime, are mostly betting on appreciation of the U.S. Dollar relative to its Northern rival, being that 73% of them are long and only 27% are short on USD/CAD.
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