USD/CAD erodes 0.9923/00

USD/CAD has largely ignored readings of technical indicators and soared up to a major down-trend resistance line, where it is currently standing. Apart from this, there is the 200-day SMA at 0.9982/67 that lies overhead and should dampen the pace of greenback's appreciation if the U.S. currency carries on advancing. Until 0.9982/67 is breached, the outlook will remain bearish.

Bulls (75%) continue to build up their advantage over bears (25%), while the Canadian Dollar is giving up its positions relatively to its southern counterpart. However, this also means that the pair is becoming overbought and there might not be enough room for new buyers. The ratio between buy and sell orders is 62% to 38%, respectively.