- Last week, USDCAD fell to the level of 1.36046.
- The USDCNH coin continues the bullish trend that began in early July.
USDCAD Chart Analysis
Last week, the USDCAD pair fell to the level of 1.36046. From that point until now, we have been in a bullish consolidation. Yesterday, the pair received strong support at 1.36700, after which a bullish consolidation started near the level of 1.37500. During the Asian session this morning, the pair made another bullish step to the levels of 1.37554. After forming the high of this week, it started to retreat below the daily opening price and is now located at 1.37325.
To continue on the bullish side, we need the start of a new positive consolidation and a return above the level of 1.37500. We are on the verge of breaking out of the previous high and forming a new one. Possible upper targets are the levels of 1.37600 and 1.37700. If the pullback continues on the bearish side, the first support is at 1.37200 on the EMA50 moving average.
USDCNH Chart Analysis
The USDCNH currency continues the previous bullish trend from early July. During the Asian trading session this morning, a new high was formed at the level of 7.30915. We have support from the EMA50 moving average and we expect further growth to the bullish side. We are a bit far from breaking out of the 7.31000 level. Possible higher targets are the 7.31250 and 7.31500 levels.
For a bearish option, we need the start of a negative consolidation and a drop of USDCNH below the level of 7.30500. With such a step, we fall below the daily opening price, moving to the bearish side. The first support is the EMA50 moving average in the area of 7.30250 levels. If it does not hold, the pair will be under a lot of pressure to test the weekly opening price at 7.30000. Possible lower targets are the levels of 7.29500 and 7.29000.
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(tags to translate)USD/CAD
