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Technical analysis and trading recommendations on USD against CAD & YEN for March 10, 2015

USD/CAD The stronger US data raises hope for the soonest interest rates hikes. The greenback is painting a better bull picture against CAD & Yen. At yesterday's session, the USD closed with marginal losses. Today at the Asian session, the USD is trading higher against the CAD. The parallel resistance seems at 1.2664 and 1.2698. The pair has been in a consolidation range for 24 sessions between 1.2350 and 1.2700 giving a possible upside breakout. The pair gave a stellar performance at Friday's session. 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 1.2600 and 1.2570. As we recommended earlier, 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, 1.2635 is completed. Overall, the picture favors buying on dips. For an intraday, we advise buying with targets at 1.2660 and 1.2690. We can expect strong momentum above 1.2670 and a huge upswing looms above 1.2700. As a h4 candle closes above 1.2630, the bulls can challenge 1.2660 and 1.2690 . Trade: we remain in buying.
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USD/JPY

After Japan's GDP release, the yen is trading lower against the USD. Today at the Asian session, the pair is trading at December's high of 121.84. The pair managed to close above 120.80 last 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 a weekly basis, we can see 128.00 as well. At Friday's session, we advised buying sl 119.80 with targets at 120.00, 120.20, and 120.50. Yesterday, we extended our targets to 121.50 and 121.80. It's a one side move all the way to new highs. The pair has intraday support at 121.400. 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: we remain buyers.
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Uitgevoerd door, Analytische expert
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