USD/CAD trades above the monthly PP

The USD/CAD pair jumped from the monthly PP at 1.237, gaining about 176 pips throughout the day. Forming an engulfing bullish pattern, a the Canadian Dollar will continue to lose the value. The 55– 100– and 200– day SMA's are heading to the north, however, the Alligator jaw, which is the 13-period Smoothed Moving Average, lowered the direction today.

The market added some participants and the sentiment appears to be bullish with 51% of buying positions. 80% of traders hold their 50– pip pending orders long and the 100– pip ones are rather sold, with 43% of buying orders.