USD/CAD briefly returns to 0.9884/80

Even though the up-trend support has been eroded, the pair hesitates to extend the dip and is now re-testing the bullish trend-line from below. A prolonged surge above 0.9884/80 has a low probability of appearing, given the proximity of a major down-trend that has negated rallies since Jun 3. Accordingly, the nearest target is at 0.9811/00, followed by 0.9779 and 0.9760/42.

An absolute majority (73%) of SWFX market participants expect the U.S. Dollar to gain value relatively to its northern counterpart, as they hold long positions, whereas only 27% of them remain bearish on the pair. Orders are, however, neutral, since 47% of them are buy and 53% are sell.