USD/CAD
The Industrial Product Price Index (IPPI) increased 0.3% in March as a result of higher energy and petroleum product prices. The Raw Materials Price Index (RMPI) declined 0.9%, mainly because of lower prices for crude energy products.
Today, traders eye Canada GDP m/m. We expect neutral stance for April.
Technical view:We have been recommending selling with sl 1.2350 with targets at 1.2100 and 1.1875 (dated April 21, 2015 article). As of now, the pair made a low at 1.1945. Yesterday, we advised the pair was going to touch 1.1950, 1.1900, and 1.1875 on the downside. The pair made a low at 1.0945. The pair found strong resistance between 1.2210 and 1.2270 100Dema and 100Dsma respectively. Technically speaking, until the price closes below 100dsma or 100dema, bearish view remains in play. Besides, the bearish cross took place in the daily chart. On the downside, the support is found at 1.1850 and 1.1690. The weekly 38.2 fib is seen at 1.1980. Intarday view: Ahead of today's event, CAD is trading higher against USD. Hourly resistance is seen at 1.2045 and 1.2090. On a daily basis, until the pair closes below 1.2170, use every rise to sell for the rest of the targets.
USD/CHF
The pair gave a break on the downside from the bearish head and shoulder pattern. In all time frames, the pair favors bears. All the USD related pairs (USD/CAD,USD/CHF, and USD/JPY) favor bears. Except for USD/JPY, the pairs are are expressing extreme bearish mode. The pair made a strong base at 0.9490, fell, and closed below that. Use every spike to add more sell trades. At yesterday's session, the pair managed to hold the 100Wema. On the down side, support is found at 0.9220 and 0.9160. We recommend to start positional buying between 0.9250 and 0.9200 with sl 0.9160.