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CAD seems to have taken a halt from its intermediary bull run against USD (see both daily and monthly plotting).
Upswings in USDCAD spiked above DMAs after breaking resistances at 1.3145.
For now, the breach above exposes more upside potential due to more bullish momentum offered by leading oscillators.
As you can probably guess the pair has taken supports exactly at channel baseline and thereafter bouncing back that has taken above DMA curves.
We could see more alarms for bears as the pair bullish momentum is clear for the day.
Both leading oscillators signal buying interests, as RSI (14) evidences a bullish convergence with the rising prices after testing support at 46 levels multiple times, currently trending upwards at above 57 levels, so we believe there has been buying sentiments atleast in the medium run.
While stochastic has been quite decisive to signal momentum in this buying sentiment but slightly bullish bias.
On the flip side, Shooting star pattern have shown their bearish effects on monthly patterns but for now, bulls resuming rallies are on the verge of forming handle pattern to the previous saucer pattern (see monthly charts).
If these rallies continue to persist for few weeks then we could foresee handle pattern in coming months. Hence, one can initiate longs amid this bullish environment.
Trade tips:
For traders it is all about money management skills that keeps them on competitive edge, this can be achieved when your research is certain, it is wise to choose the right asset avenue to stay invested for more returns than usual, (for instance, wouldn’t you be happy to gain 10 times than 1 time).
Well, on speculative grounds, we recommend buying rallies and decide to initiate one touch call options which are highly leveraged products. Since 1W implied volatility is on a higher side at around 8.45% in a slightly bullish environment in the short term, we recommend this long vega strategy.
