- USDCAD fell to 1.36314 levels on Friday.
- During the Asian session this morning, USDCNH rose to a new weekly high at 7.24571.
USDCAD Chart Analysis
USDCAD fell to 1.36314 levels on Friday. This week we move in the range 1.36600-1.36900. We are now under pressure at the lower end of this range. A bearish momentum could easily take us to a new weekly low, thus directing USDCAD to the bearish side. The lowest possible targets are the 1.36500 and 1.36400 levels.
We need to overcome 1.36800 and the EMA50 moving average for a bullish option. With its support, we could continue up to the EMA200 and 1.36900 levels. If we can stay up there, we will form a better position from which we could initiate a further recovery above these resistances. The highest possible targets are the 1.37000 and 1.37100 levels.
USDCNH Chart Analysis
During the Asian session this morning, USDCNH rose to a new weekly high at 7.24571. After that, the pair retraces slightly to the support level 7.24100. Here, we test the daily opening price. If it falls below, we will form a new daily low, thus confirming the bearish presence on the chart. The lowest possible targets are the 7.23800 and 7.23600 levels. In the 7.23800 area we will test the EMA50 moving average, while the EMA200 in the 7.23250 area was level.
We need to stay above the support level of 7.24100 to have a bullish option. After that, we can expect the start of positive consolidation and the test of this morning's high at 7.24571. New momentum in that area pushes up and we form a new weekly high. The highest potential targets are the 7.24600 and 7.24800 levels.
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