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Chart and candlestick patterns: Frequent occurrence of bullish engulfing patterns pop up at 1.2421 and 1.2554 levels and these bullish patterns prop up rallies well above DMAs. In this process of upswings, the bulls manage to breach the stiff resistances of 1.2372, 1.2452, 7&21DMAs and 1.2674 levels (refer daily chart).
While both leading oscillators show upward convergence but signal mild overbought pressures.
To substantiate this buying sentiment, trend indicators are in conformity to the uptrend, bullish DMA, and MACD crossovers signal upswings to prolong further.
Where the price rallies in intermediate trend, the price oscillation is stuck between 23.6% & 50% Fibonacci levels but spike above EMAs (refer weekly plotting), bullish sentiments on this timeframe are backed by leading oscillators.
The next immediate stiff resistance is seen at 1.2796 levels and the strong supports are seen at 1.2674 and 1.2622 levels.
Trade tips: At spot reference: 1.2710, contemplating prevailing bullish sentiments one can buy double touch binary calls (1.2752) to leverage payoffs. The magnified yields are most likely if the underlying spot FX keeps spiking upto above stated strikes of 1.2752 (i.e. means another upward journey of 42 pips).
Currency Strength Index: FxWirePro's hourly CAD spot index is displaying shy above -1 levels (neutral), while hourly USD spot index was at 53 (bullish) while articulating (at 10:21 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
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