The March Canadian Dollar closed sharply lower on Tuesday and the low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral hinting that sideways to lower prices are possible near-term.

If March extends today's decline, January's low crossing at 78.30 is the next downside target. Closes above Monday's high crossing at 82.48 would temper the near-term bearish outlook. First resistance is Monday's high crossing at 82.48. Second resistance is last Wednesday's high crossing at 81.79. First support is today's low crossing at 80.00. Second support is last Friday's low crossing at 79.68.

The March Japanese Yen closed higher due to short covering on Tuesday as it consolidated some of last week's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends last week's decline, January's low crossing at

.10567 is the next downside target. Closes above last Tuesday's high crossing at .11300 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at .11140. Second resistance is last Tuesday's high crossing at .11300. First support is Monday's low crossing at .10829. Second support is January's low crossing at .10567.