USD/CAD faltered at 1.0071

The currency pair proved to be lacking upward impetus, as an interim resistance at 1.0071 capped the price, preventing a test of 1.0107/1.0092. Nevertheless, technical studies continue pointing to the upside, suggesting that current weakness is only temporary and the nearby resistances will fall victims to the anticipated surge. The long-term target is supposed to be located at 1.03, the most likely point of contact with the major falling trend-line, the inception of which dates back to Oct 3, 2011.

The long positions (64%) notably exceed the amount of the shorts (36%), but the gap is shrinking, probably because of a failure of USD/CAD to sustain last week's rally. As for the orders, an overwhelming majority of them are buy (75%), whereas sell orders are in a distinct minority (25%).