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    Technical analysis and trading recommendations on USD against CAD & YEN for March 09, 2015

    USD/CAD

    Total nonfarm payroll employment increased by 295,000 in February, and the unemployment rate edged down to 5.5 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in food services and drinking places, professional and business services, construction, health care, in transportation, and warehousing. The total value of building permits issued by Canadian municipalities fell 12.9% to $6.1 billion in January, following a 6.1% increase last month.

    Technical view:

    Currently at the Asian session, the CAD is trading higher against the USD. The pair has been in a consolidation range for 23 sessions between 1.2350 and 1.2700. The pair gave a stellar performance on Fridays session. The pair managed to close at higher levels. The weekly support is set at 1.2350 and monthly is at 1.2300. The weekly resistance is found at 1.2700. Bulls can challenge 1.2970, in case the prices close above 1.2700. The intraday support is seen at 1.2580 and 1.2530. On a weekly positional view, until the prices close above 1.2350, buying remains in play with targets at 1.2565, 1.2660, and 1.2680. As of now, 1.2627 is completed. Overall, the picture favors buying on dips. For an intraday we advise buying above 1.2630 with targets at 1.2660 and 1.2690. We can expect strong momentum above 1.2670 and a huge upswing looms above 1.2700.

    Trade: buying above 1.2630.

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    USD/JPY The pair managed to close above 120.80 in the previous week. We have been recommending buying on every dip. Now, we are revising the targets at 125.00 and 125.75. The prices are making higher lows and higher highs on the h4 chart. Support has climbed from 118.20 to 119.80. It's a good sign for further room on the upswing. If the price closes above 121.85 on weekly basis, we can see 128.00 as well. For an intraday view, the price has been facing strong resistance at 121.00. At Fridays session, we advised buying sl 119.80 with targets at 120.00, 120.20, and 120.50. Today we recommend fresh buying above 121.00 with targets at 121.50 and 121.80. The pair has intraday support at 120.60. Another upswing looms above 121.80. Until a h4 candle closes above 119.80, the long trade remains in play. The overall picture favours buying on dips. Trade: buying above 121.00.

    USDJPYH4.png

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    Uitgevoerd door, Analytische expert
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