USD/CAD rebounds from the weekly PP

The USD/CAD pair backfired from the monthly PP at 1.237. The trading day was not very volatile at the end of this week but the market bulls managed to regain some losses. During the day, the resistance line was found at weekly S1, 1.247. So far, there are no any particular pattern seen. In case of a break below the monthly PP, the next resistance is situated at 20– day SMA at 1.231. On the contrary, if the pair manages to hike above the April 2009 high at 1.246, the next resistance will be found at 1.263, the weekly PP.

The pair is being sold by 65% of traders. Meanwhile, the indicators listed below are still neutral for any short– or long– term period. The 50– pip pending orders are half– sold, though.