USD/CAD bolstered by demand at 1.0004/02

A re-test of 1.0087/71 has triggered a sell-off that was in turn stopped at 1.0004/02, where the current bearish correction should come to an end. Thereafter the events are expected to develop in accordance with the scenario suggested by the technical studies that are moderately bullish on the daily and weekly charts, although there is still a risk that the price will be capped at 1.0107/06 and start declining from there.

The ratio between long and short positions stays perfectly stable, being 64% to 36% respectively, regardless of the latest behaviour of the currency pair. Concerning orders, a notable majority of them (70%) are in favour of the U.S. Dollar and 30% are in favour of its Canadian counterpart.