- USDCAD has been retreating since the beginning of this week.
- On Monday, at the beginning of the Asian session, there was a sudden drop in USDCNH from 7.28000 to 7.23500.
USDCAD Chart Analysis
USDCAD has been retreating since the beginning of this week. We started from the level of 1.36066 and now we are at the level of 1.35640. We are almost touching the EMA200 at 1.35520 and testing that support level. During the Asian session we found resistance at the 1.35900 level, after which the pair started to retreat in the EU session. Going down to the EMA200 and below will only increase the bearish momentum.
The lowest possible targets are the 1.35500 and 1.35400 levels. We need a return to the resistance zone around 1.35900 for a bullish option. So we must also stay there. With new momentum, we rise and begin a bullish consolidation. The highest possible targets are the 1.36000 and 1.36200 levels.
USDCNH Chart Analysis
On Monday, at the beginning of the Asian session, there was a sudden drop in USDCNH from 7.28000 to 7.23500. Until today the movement occurs in the range 7.24000-7.25500. The pair remains under some pressure, which could negatively impact the move and send us to lower levels. The lowest possible targets are the 7.23000 and 7.22000 levels.
Additional support is the EMA200 moving average in the zone around the 7.23000 level. If we are considering a bullish option, we need a performance above the 7.25500 level. Then, we must stay there and form a fund in that place. After that, we can expect to continue on the bullish side and go higher. Potential targets are 7.26000 and 7.27000 levels.
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