- After a week, USDCAD fell back below the 1.37000 level.
- During the Asian session this morning, USDCNH was in a strong bullish consolidation with 7.25000 levels.
USDCAD Chart Analysis
After a week, USDCAD fell back below the 1.37000 level. A new low was formed last night at the level of 1.36870. During the Asian session we managed to stay above that level. Now there is a slight strengthening of the dollar and a crossing above 1.37000. The dollar may now strengthen during the US session and reach the EMA200 and 1.37250 levels.
Moving above increases the chances of seeing a continuation of the uptrend and a recovery of USDCAD. The possible highest targets are the 1.37400 and 1.37500 levels.
We need negative consolidation and a return to 1.36850 for a bearish option. This shows the weakness of the dollar and we can expect a new pullback towards the bearish side. The lowest possible targets are the 1.36800 and 1.36700 levels.
USDCNH Chart Analysis
During the Asian session this morning, USDCNH was in a strong bullish consolidation with 7.25000 levels. The dollar continued to dominate in the EU session and we rose to 7.26665 levels.
If this trend continues, we could see this pair at a new weekly high. The highest potential targets are the 7.26800 and 7.26900 levels. We need a negative consolidation and a pullback below the 7.26200 level for a bearish option.
That step would begin with USDCNH falling towards the 7.26000 level. The next lower support is located in the area around 7.25600 from the beginning of the EU session. If the pair continues to weaken, the next important level is 7.26400 at the EMA200 moving average.
Below it, we will be under even greater pressure to enter an even deeper retreat. The lowest possible targets are the 7.25000 and 7.24800 levels.
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