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    Technical analysis and trading recommendations on USD against CAD & YEN for May 07, 2015

    Private sector employment increased by 169,000 jobs from March to April according to the April ADP National Employment Report. Nonfarm business sector labor productivity decreased at a 1.9 percent annual rate in the first quarter of 2015, the U.S. Bureau of Labor Statistics reported yesterday. The USDX drifted to a 3-month low. The USDX gave a bearish crossover. As expected, the short-term target was topped at 100.00. Bears are aiming for 93.25 and 93.00 which is our short-term target, later it could be 91.50 and possibly 90.00.USD/CADThe rising crude oil price has been helping the Loonie to trade higher against the USD. We recommended selling below 1.2350 with a target at 1.8865. The pair has made a low at 1.1941. We recommended buying at $53.40 with a target at $62.00 yesterday. Today, at the Asian session the CAD is trading higher against the USD. Until the price closes below 1.2350, selling on a rally remains in play. Today, traders eye Canadian building permits data. We expect the data should be negative. In this case, we recommend buying with sl 1.2000, targets are at 1.2050, 1.2085, 1.2100, and 1.2130. If the data turns out to be strong, the pair can fall towards our positional targets. In this case, we recommend selling below 1.2000 with targets at 1.1970, 1.1950, 1.1900, and 1.1870. We expect the US unemployment claims will impress markets.
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    USD/JPY

    The pair has been consolidating for the recent couple of months. Unlike the USD-related pairs, USD/JPY is still in the bullish zone. The pair has been making symmetric triangle with higher lows. The near-term bull stop would be placed at 118.30. Bears can take the pair in control below 118.10 and 118.00, the pair is likely to touch 117.20, 116.80, and 116.20. If the pair closes above 120.85, bulls can bet at a new high at 122.50. On the downside, the support is seen at 119.20.The 100Dema is found at 118.30.

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