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

USD/CAD uptrend is spiking off to Mars, Venus or some other planet despite leading oscillators reached overbought zone, the pair on 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.