USD/CAD aiming to reach new high

Pair has peaked till the highest level (1.1177) this year today and seems to be willing to push the ceiling further. It might advance till 1.1299, but should take another step back there. It is a bit to early to predict what might happen afterwards. Another dip till 1.10 remains equally likely as well, but the pair should not decline below it.

Strength of bulls is continuing to slowly fade away. They hold 57% of all of open position in the market. That is 1% less that yesterday and a 7% decrease in the last 4 days. In addition, share of pending bearish orders increased by 15-30% and is at 70-85% gauge depending on the range.