USD/CAD consolidates above a 1.02 level

The loonie took a brake today, as the pair advanced significantly in the previous session. USD/CAD jumped from the weekly PP at 1.0165 to the Bollinger band at 1.0227. Today, the pair remains above the band, but a sharped consolidation and retreat back to the bands might be doubtful, since a downside movement can be stopped by the weekly R1 and the monthly PP levels at 1.0219.

Investors are eager to see a further appreciation, as the vast majority of opened positions, 75%, are concentrated on the buy side. Placed orders market is under the bulls' control, as 71% of orders are waiting to buy the U.S. Dollar against the Canadian one.