USD/CAD to meet ceiling at 1.3360/10

Assuming that a recovery from 1.25 is a bullish correction after this year's massive sell-off from 1.46, the rate is likely to rise 250 pips more before resuming the decline. Right now USD/CAD is well-supported by the monthly R1 and the 23.6% Fibonacci retracement. However, even though the daily and monthly studies are mostly pointing north, the bulls are highly unlikely to push the price through a dense resistance area between 1.3310 and 1.3360, which is created by the 100-day SMA, 200-day SMA, weekly R2 and 38.2% retracement level.

SWFX sentiment towards USD/CAD is on the rise. The portion of bulls rose from 50 to 56% during the last five days. Moreover, during the same time period the share of buy orders increased from 45 to 59%.