USD/CAD stays side-lined

Being that USD/CAD is failing to reignite the bullish momentum in the presence of a strong resistance zone, the risks are greatly skewed to the downside. Should the sell-off commence, the weekly PP will be unlikely to stop it, instead the currency pair will be expected to slide down to the up-trend support line at 1.0830/1.0784, where it is reinforced by the monthly R2.

The sentiment with respect to USD/CAD is moderately bullish in the SWFX marketplace, as 60% of open positions are long and the remaining 40% are short. As for the sell orders, their portion is declining—while yesterday 82% of traders were planning to sell the buck, right now their share is at 71%.