FxWirePro
Long

Bulls bets on USD/CAD 11-1/2 years high – no trace of shorting

FX:USDCAD   U.S. Dollar/Canadian Dollar
525 8 5
USD/CAD             uptrend is spiking off to Mars, Venus or some other planet despite leading oscillators reached overbought zone, the pair on both monthly and EOD             chart doesn't seem to bother these indications alerted by RSI and stochastic curves.

The uptrend has been moving in healthy uptrend channel with timely corrections on monthly charts.

The pair has cleared all major resistance levels decisively testing supports several times exactly at lower trend line .

Currently, Loonie has broken psychological resistance levels at 1.3719 levels (i.e. 11 and half years highs) which is way beyond 21DMA.

What else is needed for heathy bull trend: Both oscillators ( RSI and stochastic ) have halted and oscillating in overbought territory from last 1 year but still showing positive convergence with every upswing in prices.

Same has been the case with EOD             charts, very difficult to favor bears as well as to trace next resistance points as the pair is spiking non-stop.

We had added fresh longs on USD/CAD             in our fundamental portfolio tracker at an average entry of 1.3480, we now unload the half weights to book profits.

Is USD taking a halt from its ruthless bull run against CAD which has started almost a fortnight ago (on 04/12)? The pair has spiked up from the lows 1.3314 levels (see grey shaded rectangular areas) with minor hick-ups to reach 11 and half year's highs.

Eyeing on dips for better entry levels again by raising the stop for now to 1.3630 for targets around 1.38, 1.3825 junctions. Our initial take profit remains 1.3750, at which point we will reassess.
Trade closed: target reached: All targets reached
Price needs to break 1.2830 to the downside to change my bullish bias.
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Hi FX Pro, I have been bullish this pair for some time now. I can't disagree that we are due for a pull back but that will allow RSI and any other oscillator you like to use to reset and fuel the continued bullish movment. The monthly chart has a cup and handle pattern in play and this points to 1.5300ish; it may not fully play out but I think we have more upside in store (after a retrace). Good luck with your trades and thanks for your post.
snapshot
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unless your a Canadian you wouldn't know how crappy it is as a currency. I think we will hit 1.4 by early next year after terrible Q4 results come out. Other factors as negative interest rates etc will add up to the mess + strong US dollar will contribute to a weak Canadian dollar. unemployment and housing market too are weak.
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FxWirePro PRO BitcoinGuru
Yes, well said.. these are all underlying factors which are precious in conjunction crude's struggle as well to fuel USDCAD to higher levels.
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BitcoinGuru FxWirePro
and here you have it US interest hike finally comes in today. a big nail to the Canadian dollar cuffin lol i expect to see 1.38++
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you have stated more or less kindergarten reasons for longs
if you look the way PA is evolving its fairly big chance bulls said goodbye to this pair
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FxWirePro PRO trader515
Reasons from Montessori or Masters.. I often reiterate lets not isolate analysis isolated, only from one or two indication i cant afford to jump into conclusion. Sticking onto basics makes our research more efficient.

I think I'll have to refer quotes again from Gearge Soras "being right or wrong is not important. How much more money you made when you are right and how much less you lost when you are wrong is all that matters.
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very good points.
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