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USD/CAD suffers another setback

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"Seems to be that markets are just rebounding or paring back some of the losses." 
- CIBC World Markets (based on WBP Online) 

Pair's Outlook 

The US Dollar lost its bullish momentum yesterday and edged 45 pips down, stabilising between the weekly and monthly R1s. Although the Greenback refused to cross the 1.33 major level to the downside yesterday, it is likely to be forced to so today, as the Loonie remains supported by rising oil prices. The closes significant support now rests around 1.3150, represented by the weekly PP and 20-day SMA, but a close around the 1.32 major level is more probable. 

Traders' Sentiment 
There are still more short than long positions, namely 72% of them (previously 74%). At the same time, the percentage of purchase orders declined, they now take up only 62% of the market.
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