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USD/CAD one step closer to July 2004 high

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"Seems to be that markets are just rebounding or paring back some of the losses. Currencies that enjoyed gains at the beginning of the week are now under pressure. And those that underperformed, like the Canadian dollar, are doing better." 
- CIBC World Markets (based on WBP Online) 

Pair's Outlook 
The USD/CAD currency pair dropped as low as 1.3144 on Tuesday, but managed to regain the bullish momentum, amid strong US fundamental data results. As a result, the strong resistance cluster was pierced, now providing support around the 1.33 major level. Nevertheless, the US Dollar remains close to the July 2004 high and might attempt to conquer it today; however, the area is bolstered by the weekly R2, making the resistance even harder to pierce. Meanwhile, technical studies are now giving mixed signals, unable to confirm the scenario. 

Traders' Sentiment 
Bears keep dominating the market, as 74% of traders hold short positions. The share of buy orders increased from 67 to 82%.
© Dukascopy Bank SA

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