USD/CAD eyes 1.0056/49

USD/CAD improves its success and has already attained 1.0014, which backs up the idea of 1.0056/49 becoming the next target. An extension of the rally above the Nov 16 high, however, is unlikely and should be supported by at least some of the indicators on the relevant time frames, most of which are either neutral or even bearish at the moment.

It appears that bulls continue to square off their positions while the pair is advancing, as the share of longs has already dropped down to 57%, but bears carry on retrieving their positions in the market. In the meantime, the difference between buy (58%) and sell (42%) orders is increasing.