USD/CAD stalls between 0.9903/0.9889 and 0.9837/30

USD/CAD continues to trade in a narrow corridor, as market participants stay undecided and wait for more clearer signals to bet either in favour or against the U.S. Dollar paired with the loonie. However, such tranquil behaviour promises to be short-lived, as the point of intersection of two converging trend-lines is getting nearer. Bearing in mind that the 200-day SMA is presently above the price and is therefore a resistance level, the risk is to the downside.

Bullish sentiment of traders towards USD/CAD remains unchanged and thus appears to be relatively stable. At the moment 67% of market participants are long and 33% are short on the currency pair. Distribution of pending orders (59% - buy and 41% - sell) too implies preponderance of a positive outlook across the market.