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    Technical analysis and trading recommendation for USDX and USD/CAD for May 11, 2015

    Total nonfarm payroll employment increased by 223,000 in April and the unemployment rate remained unchanged at 5.4 percent, the US Bureau of Labor Statistics reported on Friday's session. The USDX inched higher probably made double bottom at 93.89. The index managed to trade above hourly moving averages, but bearish cross over remains in play. Intraday resistance is seen at 95.40 and 96.00. Support is found at 94.90 and 94.60. The lower lows and lower highs still exist.USD/CAD

    The pair opened the new week on a bullish note. The pair has immediate resistance found at 1.2160 20Dsma and 1.2190 100Dema. The pair is forming a base at 1.2070 and 1.2000 in the hourly chart. The strong resistance is seen at 1.2350 and bears have the upper hand in the medium term. We expect strong momentum above 1.2205 towards 1.2270 and 1.2300. We expect mild upswing towards 1.2160 and 1.2190. The strong upswing will be available only above 1.2205 towards 1.2300 and 1.2330. Intraday support is found at 1.2090. We recommend selling below 1.2090 with targets at 1.2060, 1.2040, and 1.2010.


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