- On Wednesday, we saw the USDCAD move away from the previous uptrend.
- During the Asian session this morning, the USDCNH retreated to 7.21000, forming a new weekly low there.
USDCAD Chart Analysis
On Wednesday, we saw the USDCAD move away from the previous uptrend. The bearish consolidation first took us below the weekly opening price, after which the bearish momentum strengthened and fell to 1.37875 levels last night. We formed a weekly low there, but received support from the 200 EMA moving average in that area. During the Asian session this morning, the pair started a bullish consolidation and recovered to 1.38400.
Despite the current resistance, there is a strong potential for the USDCAD to break above this level and return to the bullish side. The pair is currently at 1.38200 between the weekly opening price and the 200 EMA moving average. This presents a hopeful scenario for traders and investors. Possible upper targets are the 1.38500 and 1.38600 levels. On the other hand, for a bearish option, the pair needs to drop below the 200 EMA. This would indicate a shift towards stronger bearish pressure and could lead to a further pullback. Possible lower targets are the 1.37900 and 1.37800 levels.
USDCNH Chart Analysis
During the Asian session this morning, the USDCNH retreated to 7.21000, forming a new weekly low there. Soon after, a strong bullish consolidation started and the pair rallied to 7.25730 levels. We are now at the EMA 200 moving average and we might cross it soon. In the area of 7.26300, we have the weekly opening price, which is our next important target.
Possible upper targets are 7.26500 and 7.2700 levels. We need a further negative consolidation of USDCNH up to 7.24000 for a bearish option. There, we will test the support of the EMA 50 moving average. If we fail to hold the pair above, we will continue the pullback. After that, the chances of testing the daily opening price again increase. Possible lower targets are 7.22000 and 7.21000 levels.
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(tags to translate)USD/CAD
