USD/CAD retains positive bias

Although last Friday USD/CAD plunged down to the monthly PP, the U.S. Dollar managed to recover thereafter and close the week above the key trend-line. Accordingly, we may expect appearance of a rally, which has to surpass 1.1224 for the long-term outlook on the currency pair to remain bullish. Meanwhile, in general technical indicators neither support nor deny this course of events.

SWFX market participants stay largely undecided whether the currency pair will move up or down, as 55% of positions are long and 45% are short. Regarding the orders placed 100 pips from the current price, 45% are to buy and 55% are to sell the greenback against the loonie.