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USD/CAD hedges for both minor & major trend ahead of Fed | July 31, 2019

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Technical Chart and Candlestick Patterns:  USDCAD  minor trend breached ascending channel support, consequently, slide way below DMAs. Currently, testing supports at 1.30 levels.

But for now, as the bears managed to breach below channel support on the daily plotting, while both leading indicators signal overbought pressures.

Both RSI and Stochastic curves show faded strength to the interim upswings, price dips seem dominant upon the intensified selling momentum in the minor bearish trend .

On the flip side, the major uptrend goes through uptrend line (refer monthly chart), the current price hovers around 21-EMAs as both momentum & trend indicators edgy but still in bulls' favor.

Hence, the prevailing uptrend is most likely to prolong further if it holds the support of the uptrend line and 21-EMAs.

Trade Tips: On hedging grounds, at spot reference: 1.3144 levels, contemplating above technical factors and Fed’s monetary policy that is scheduled on 31stJuly,we advocate initiating shorts in USDCAD futures contracts of near month tenors (i.e. August’19 delivery) as further downside risks are foreseen and simultaneously, longs in futures of September’19 delivery not disregarding the major uptrend amid the prevailing global geopolitical risks. Thereby, one can directionally position in their FX exposures. The directional implementation of the same trading theme by further allow for a correlation-induced discount in the options trading also if you choose strikes appropriately.

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