USD/CAD puts pressure on 1.0152/48

While support at 1.0187/84 was crossed fairly easily, 1.0152/48 turned out to be of much greater importance to market participants, many of whom went long at the 55-day SMA and thus negated strong bearish impetus. However, it may be too early to say that the recent downward correction has come to an end, even though weekly technical indicators are giving ‘buy' signals.

Traders' sentiment stays strongly bullish on USD/CAD, since a majority (65%) of market participants sees the downward correction as exhausted and unlikely to go on any more. Almost the same ratio is observed between the numbers of buy and sell orders, the shares of which are 65% to 34% respectively.