USD/CAD bulls resume rallies after spiking above DMAs and EMAs
USD/CAD bulls resume rallies after spiking above DMAs and EMAs, long hedge with mid-month tenors to arrest upside risks:
The current prices have bounced back above DMAs after trendline support, more rallies likely upto resistance at 1.3594 levels, while 7WMA is most likely to crossover 21WMA which is the bullish crossover.
On a broader perspective, the price in the major uptrend is moving in rising channel.
The rallies are likely to extend in the major uptrend after testing supports at 7EMA and channel support.
Immediate resistance is seen at 1.3525 levels, where the spinning top & long legged doji patterns occurred, that is where upswings seem to be exhausted (see monthly charts).
For now, the bullish momentum is intensified at 41 levels. While stochastic has also been signaling momentum in this buying interests on this timeframe.
Both leading oscillators signal buying interests, as RSI (14) evidences a bullish convergence with the rising prices above 59 levels on monthly terms, so we believe there has been clear strength in current bullish sentiment.
Trade tips:
Well, contemplating above technical reasoning, on both speculating and hedging grounds we advise long futures position which is an unlimited profit, unlimited risk position that can be entered by the futures speculator to profit from a rise in the price of the underlying.
The long futures position is also used when a foreign trader who has USD exposures can lock in the underlying spot prices so that he will require making payments sometime in the future.
The current prices have bounced back above DMAs after trendline support, more rallies likely upto resistance at 1.3594 levels, while 7WMA is most likely to crossover 21WMA which is the bullish crossover.
On a broader perspective, the price in the major uptrend is moving in rising channel.
The rallies are likely to extend in the major uptrend after testing supports at 7EMA and channel support.
Immediate resistance is seen at 1.3525 levels, where the spinning top & long legged doji patterns occurred, that is where upswings seem to be exhausted (see monthly charts).
For now, the bullish momentum is intensified at 41 levels. While stochastic has also been signaling momentum in this buying interests on this timeframe.
Both leading oscillators signal buying interests, as RSI (14) evidences a bullish convergence with the rising prices above 59 levels on monthly terms, so we believe there has been clear strength in current bullish sentiment.
Trade tips:
Well, contemplating above technical reasoning, on both speculating and hedging grounds we advise long futures position which is an unlimited profit, unlimited risk position that can be entered by the futures speculator to profit from a rise in the price of the underlying.
The long futures position is also used when a foreign trader who has USD exposures can lock in the underlying spot prices so that he will require making payments sometime in the future.