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Chart and candlestick patterns: Frequent occurrence of bearish patterns, such as spinning top, long-legged doji and shooting star candlesticks pop up at 1.2891, 1.2920 and 1.2916 levels.
These bearish patterns occur at peaks of rallies after showing the failure swings at stiff resistance levels of 1.2935 in the recent past.
In this process of downswings, the bears have managed to slide below 7DMA levels, while both leading oscillators (RSI & stochastic curves) signal overbought pressures (refer daily chart).
Where the price rallies in intermediate trend, broke-out stiff resistance and retraced 61.8% fibonacci levels but couldn’t sustain that level, for now, bulls are again attempting to hit the same level.
However, the bullish sentiment is not backed by both leading oscillators on this timeframe too.
While to substantiate the buying sentiment in the consolidation phase, trend indicators are in conformity to the uptrend, bullish DMA and MACD crossovers signal upswings to prolong further.
But the confliction point for this pair appears to be at 1.3125
The next immediate stiff resistance is seen at 1.3120-30 levels and the strong supports are seen at 1.2883 and 1.2825 levels.
Trade tips: At spot reference: 1.2912, contemplating the current puzzling environment, on both trading and hedging grounds, one can buy 1 lot of at the money call and simultaneously short 1 lot of at the money put. The synthetic long spot long position is constructed to simulate the payoff of a long spot long position but to keep the bullish risk of this pair on the check without actually holding underlying positions.
Currency Strength Index: FxWirePro's hourly CAD spot index is displaying shy above 44 levels (bullish), while hourly USD spot index was at 78 (bullish) while articulating (at 11:51 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
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