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    Technical analysis of USD/CAD forJune 11, 2015

    The USDX edged a 3-week lower at 94.30. Today is a big day in the context of economic data. Retail sales, core retail sales, and unemployment claims are due. Ahead of the data release, the USDX is trading at 94.82 at the Asian session compared to Wednesday's 94.60. Initial resistance is seen at 95.00 and later at 95.75. It is expected to act as intraday resistance. The Index has been reaching lower highs and lower lows in the daily chart. It indicats further weakness. We forecast bearish views on the USDX and USD related pairs in our Tuesday's article. Support is found at 94.30 and 93.90. Fresh selling is advised below 93.90 with targets at at 93.10 and 92.80. It is likely to extend towards 92.00.

    USD/CAD

    The oil prices supported CAD at yesterday's session again. The pair has been falling for 4 consecutive days. We have been recommending selling with targets at 1.2300, 1.2250, and 1.2230. The pair hit a low of 1.2200.

    Ahead of today's major economic data, the pair has opened on a bullish note. The support is found at 1.2250 and 1.2200. Resistance is seen at 1.2310 and 1.2350. Until the pair closes below 1.2430, selling on rallies is preferable. In case the price closes below 1.2230, bears are likely to drive the pair towards 1.2130 and 1.2080. The pair fell below the ascending bullish channel and is trading below that. In the hourly charts, the pair has been making lower lows and lower highs. But the hourly chart indicated oversold zones, mild pullback is expackted.

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