USD/CAD oscillates beneath down-trend resistance

Appetite of investors for the U.S. Dollar has been considerably dampened once the pair approached a notable resistance area at 1.0308/1.0278. Accordingly, there is a high probability that the scenario suggested by the technical indicators, i.e. sideways movement, may not be realised. In any case, for now support at 1.0219/07 manages to negate the dips.

The ratio between the bulls and bears is unchanged from the time of the previous issue, since the share of long positions stands at 75% and only 25% of traders foresee a rally. The same stability is observed with pending orders, 67% of which are to buy the buck and 33% are to sell it.