USD/CAD kept afloat by 1.1000/1.0959

At the moment USD/CAD is trading just above the 38.2% Fibonacci retracement of this year's up-move, meaning the upward impetus remains intact. This support at 1.1000/1.0959 is also reinforced by the monthly pivot point and 2009 highs, increasing probability that it is going to withstand the current selling pressure. Still, we should not rule out a possibility of a decline down to 1.0858/43.

While yesterday the difference between the bulls and bears was insignificant, today there are substantially more long positions (60%) than shorts (40%), as traders are becoming more optimistic with respect to the U.S. Dollar. In the meantime, the amounts of buy and sell orders are perfectly equal.