USD/CAD to test 1.0182

USD/CAD is cautiously crawling upwards after an encounter with the 55-day SMA. The next challenge for the developing rally is at 1.0182, while there still is potential for a jump up to 1.0220/19, as suggested by the weekly technical studies. In case the currency pair softens, then we can expect 1.0156 and 1.0138/33 to provide support in the near term.

The bulls continue to possess 66% of the total number of positions, regardless of the pair's latest tendency to decline, which in turn is supported by 34% of traders who hold short positions. The distribution between the buy (67%) and sell (33%) orders is also unchanged.