- This week, we see a continuation of the bullish trend in USDCAD.
- During the Asian session this morning, the USDCNH found resistance at 7.29736.
USDCAD Chart Analysis
This week, we see a continuation of the uptrend in the USDCAD. On Monday, a new high was formed at the level of 1.37750. During the Asian trading session this morning, we had another bullish attempt that was stopped at the level of 1.37745. The pair is holding steady above the daily opening price but is under slight bearish pressure. That could lead us to see a pullback to the level of 1.37500 and test the EMA 50 moving average there.
If this support is not enough, USDCAD will be forced to look for a new lower support. Potential lower targets are the levels of 1.37400 and 1.37200. For a bullish option, we need a continuation of the positive consolidation and a return to the weekly high zone. A revisit could generate an upward momentum towards a new higher high. Potential higher targets are the levels of 1.37800 and 1.38000.
USDCNH Chart Analysis
During the Asian session this morning, the USDCNH found resistance at 7.29736. After that, we saw the beginning of a bearish consolidation and a drop to the level of 7.28600. The pair managed to stabilize and start a recovery to the level of 7.29000. The USDCNH is trying to break above the EMA 50 moving average again and get its support. If we succeed in doing so, the pair will have a chance to strengthen the bullish momentum and continue on the bullish side.
Possible upper targets are the 7.29500 and 7.30000 levels. For a bearish option, we need to see USDCNH drop below the 7.28500 level. With such a move, we move below the weekly opening price and test the EMA 200 moving average. Stronger bearish momentum could quickly push the pair to a new daily low and thus strengthen the bearish scenario. Possible lower targets are the 7.28000 and 7.27500 levels.
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(tags to translate)USD/CAD
