- This week, the USDCAD has been constantly in a bearish consolidation.
- During the Asian session, the USDCNH managed to stabilize above the 7.12500 level.
USDCAD Chart Analysis
This week, the USDCAD pair has been constantly in a bearish consolidation. In today's trading session in the EU, a new weekly low was formed at the level of 1.35716. After that, we saw a recovery attempt up to the daily opening price of 1.35940. We have resistance here for now and we need a stronger momentum to move above it. If we were successful, the pair would have a chance to start further growth on the bullish side.
Possible upper targets are 1.35900 and 1.36000 levels. If we break 1.36000, we could get support from the EMA 50 moving average. For a bearish option, we need a negative consolidation and a pullback to the 1.35700 level. Such a move would make USDCAD retest this week’s support. If it fails to hold above, it will push us to a new low. Possible lower targets are 1.35600 and 1.35500.
USDCNH Chart Analysis
During the Asian session, the USDCNH managed to stabilize above the 7.12500 level. This triggered a bullish consolidation and a jump to the daily high at the 7.14400 level. Meanwhile, we received support from the EMA 50 moving average, which added to the bullish momentum. Possible upper targets are the 7.14500 and 7.15000 levels. The pair might face additional resistance at the EMA 200 moving average in the area of the 7.15000 levels.
For a bearish option, USDCNH would have to start a bearish consolidation first. With the decline below the 7.13000 level, we will fall to the downside below the daily opening price and the EMA 50 moving average. With such a move, the bearish momentum will increase and we will have to start a pullback to lower levels. Possible lower targets are the 7.12500 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
