USD/CAD heads to retest the previous high

The Canadian Dollar depreciated versus the US counterpart and the pair moved to the north today. The market bulls seem to be willing to retest the previous high point at 1.280 for 29 January 2015. Yet, the May 2005 high at 1.273 resistance should be removed first. In addition, the cross is trading above the short- and long– term SMAs for quite a some time now.

The market lost some bulls and the sentiment is very undefined currently. As a matter of fact, more traders are willing to sell the pair in 50– pip range as 70% hold the short pending order. The 100– pip orders are also sold by 68% of the case.