FxWirePro: USD/CAD on the verge of breaking resistance at 1.3772 - buy one touch calls at dips for TP of 40-50 pips

This what we call it as a "speculative break", it is on the verge of breaking resistance line at 1.3772 levels with both leading oscillators and lagging indicators signal buying interests.

At this juncture, we see absolutely no trace of selling on all EOD and intraday charts, so below strategy is to be deemed as the speculative perspectives.

Since it has taken a strong support at 1.3655, no surprise if it hits 1.3848 areas which is next immediate resistance.

Both RSI and Stochastic oscillators converge upwards during the intraday rallies that keeps bulls momentum.

Whereas, prices attempt to jump above 21DMA, while MACD substantiates intraday uptrend.

On the flip side, during the upward journey in the channel on daily chart, even though the pair has shown some price declines it has also tested supports decisively at 21DMA or 7DMA several times in the past exactly at lower trend line, this has been no exception, it held firmly at 21DMA (see daily candle).

Hence, we believe that even if it shows any corrections during intraday sessions, don't get panic and the pair on monthly chart doesn't seem to bother these abrupt corrections.

Hence, smart way to approach this pair is that follow basics, and deploy below advocated strategy.

Go long in USDCAD one touch binary delta calls, to use one touch binary functions, choose the most volatile instrument with sharp price spikes. These volatile factors are usually caused by fundamental factors as we have CPI and retail sales on CAD side and CPI on USD side that is likely to provide impetus to the underlying movement.

Within most binary options platforms, One Touch trades are high-yield options that come with more inherent risk. For this reason, some traders choose not to make use of this type of trade.

However, there is no denying the appeal of exponential returns, so these trades should not be completely overlooked. Instead, they should be executed when market conditions are ideal and should be used along with solid strategy.