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USDCAD Intermediate-Term Bullish Shift; USDJPY Stays Bullish

usdcad chart

  • A slight negative correction for the US Dollar into mid-May, after a very strong USD rally from mid-April, but the underlying theme of intermediate-term US$ strength pervades.

USDCAD Rebound bias

A rebound Friday from just above 1,2714 support (off of 1.2725) has eased the downside forces from Thursday’s plunge through the 1.2897/2900 support area, resuming the positive tone from last week’s prior push above 1.2944 (that set an intermediate-term bull trend), shifting risks back higher for Monday.

The early May break above 1.2944 sets an intermediate-term bull trend.

For Today:

  • We see an upside for 1.2822; above opens risk up to 1.2929
  • But below 1.2753 aims for 1.2725/14.

 Intermediate-term Outlook – Upside Risks: We see an upside risk for 1.3125.

  • Higher targets would be 1.3347.
  • What Changes This? Below 1.2536 shifts the outlook straight to a bear trend.

Resistance and Support:

1.2822* 1.2929 1.2975** 1.2998/3000** 1.3055*
1.2753 1.2725/14 1.2629** 1.2581 1.2536**

4 Hour USDCAD Chart

 

usdcad chart 

USDJPY Bull theme intact

A probe below the up trend line from late March, but holding above the 108.73/62 support area (and critically above our key 108.52 level), to keep risks higher Monday.

The latter April push above 107.90 set an intermediate-term bull trend, BUT below 108.52 would neutralise this bull theme.

For Today:

  • We see an upside bias for 110.02/04 and to target 110.29 and 110.48.
  • But below 109.12 targets 108.73/62 and maybe for key 108.52.

Intermediate-term Outlook – Upside Risks: We see an upside risk for 110.48.

  • Higher targets would be 111.48 and maybe 113.75.
  • What Changes This? Below 108.52 shifts the outlook back to neutral; through 106.59 is needed for a bear theme.

Resistance and Support:

110.02/04* 110.29* 110.48** 111.18* 111.48***
109.12 108.73/62* 108.52*** 108.10 107.52

4 Hour USDJPY Chart

 

usdjpy chart

 

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