For investors seeking momentum, Invesco DB US Dollar Index Bullish ETF (UUP Quick QuoteUUP - Free Report) is probably on radar. The fund just hit a 52-week high, and is up 12.9% from its 52-week low of $24.11 per share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:

UUP in Focus

The underlying Deutsche Bank Long USD Currency Portfolio Index - Excess Return is a rules-based index composed solely of long U.S. Dollar Index futures contracts that trade on the ICE futures exchange. The ETF charges 78 basis points in fees.

Why the Move?

The Federal Reserve raised the interest rates by 25 bps for the first time in three years and is expected to follow a more aggressive path in raising rates to fight the 40-year high inflation. The central bank is now expected to hike rates by 50 basis points in May. Speculations for faster Fed rate hikes led to the strength in the greenback.

More Gains Ahead?

The fund has a positive weighted alpha of 12.00. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.