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- USDCAD’s shooting star plummets prices below 21-DMAs with gap-down opening pattern. Consequently, more slumps possible as the bears are intensified with momentum indicators signaling overbought pressures. (refer daily chart).
- While the major trend of USDCAD has been spiking through rising channel pattern which is bullish in nature, shooting star pops-up at channel resistance and hammer pattern at channel supports. For now, rallies spike above 7EMAs on strong channel support, strength in uptrend is in conformity to the momentum oscillators (RSI & stochastic curves).
- Trade tips: Contemplating prevailing bearish sentiments of this pair, the current spot reference is hovering below 21-DMA levels, it is wise to trade tunnel spread options strategy using strikes of 1.3211 levels and lower strikes at 1.3141 levels to attain exponential yields.
- As we could foresee upside risks in the weeks to come, on hedging grounds, we advocate initiating longs in USDCAD futures contracts of mid-month tenors with a view to arresting further upside risks.
Currency Strength Index: FxWirePro's hourly CAD spot index is flashing at -66 levels (which is bearish), while hourly USD spot index was at 58 (bullish) while articulating at (07:53 GMT). For more details on the index, please refer below weblink:
