- On Wednesday, USDCAD retreated to a fresh weekly low at 1.34410
- During the Asian trading session this morning, the USDCNH started a strong bearish consolidation from the 7.13225 level.
USDCAD Chart Analysis
On Wednesday, the USDCAD pair pulled back to a fresh weekly low at 1.34410. After that, we saw a bullish consolidation to the resistance at the level of 1.34890. During the Asian session this morning, we saw another pullback, but this time we found support at 1.34500 and formed a higher low. This tells us that we could start a bullish consolidation to a fresh daily high. Possible higher targets are the levels of 1.35000 and 1.35200.
For a bearish option, we need a negative consolidation and a further pullback to the 1.34500 level. With this, we attack today's low, which could produce a new lower low. A strong bearish momentum would take us down quickly and confirm that USDCAD is under strong pressure to continue its pullback. Possible lower targets are the 1.34400 and 1.34200 levels.
USDCNH Chart Analysis
During the Asian session this morning, the USDCNH started a strong bearish consolidation from the level of 7.13225. Last night, we tried to break above the EMA 200 moving average, but we were unsuccessful in doing so. This triggered a pullback and the USDCNH fell to the level of 7.08460. Here, we formed a new weekly low. After that, the pair stabilized there and rallied to the level of 7.10000. Now, we have a new resistance and we are back to the bearish side.
Possible lower targets are 7.08000 and 7.07000 levels. For a bullish option, we need positive consolidation and a breakout of the price above the 7.10000 level. With that, we move towards a new high, thus strengthening the bullish momentum. Possible upper targets are 7.11000 and 7.12000 levels.
!function (f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function () {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = ();
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘504526293689977’);
fbq(‘track’, ‘PageView’);
(tags to translate)USD/CAD
