USD/CAD plummets to the weekly S1

The loonie dropped precipitously today, the price slipped through the weekly S1 level at 1.0104 and effortlessly penetrated the Bollinger band at 1.0099. However, bulls exhibited some power and pushed the price back between the bands. The pair should face difficulties while overcoming this area, as it contains the monthly S1 level at 1.0097 and the 100-day SMA. The latter should be considered due to the fact that it is gradually getting closer to the spot price and is currently positioned at 1.0066.

SWFX market participants keep the same amount of long and short positions compared to yesterday. The buy side has total control in the market, as 74% of long positions indicate expectations to see a trend reverse and appreciation soon. Placed orders market is bullish with 74% of buy orders.