- Yesterday, we saw a new August high for USDCAD at the 1.39468 level.
- During the Asian session this morning, the USDCNH traded in the range of 7.13800-7.15200.
USDCAD Chart Analysis
Yesterday, we saw a new August high for USDCAD at the level of 1.39468. After that, the pair started a pullback until this morning at the levels of 1.37930. This is where the weekly low and the new support level for USDCAD was formed. From there, a new positive consolidation and recovery started up to the level of 1.38500. We are again above the EMA 200 moving average and need its support to continue on the bullish side.
The higher potential targets are the levels of 1.38600 and 1.38700. For a bearish option, we need a pullback of USDCAD below the EMA 200 and 1.38200. Such a step strengthens the bearish momentum and the pair will have to start a new pullback. The lower potential targets are 1.38100 and 1.38000. It is possible to start testing the weekly low in the zone of 1.37900.
USDCNH Chart Analysis
During the Asian session this morning, the USDCNH moved in the range of 7.13800-7.15200. A mild bullish consolidation pushes us towards the EMA 50 moving average and the level of 7.15400. If we go back to Monday, we will see the formation of a new weekly low at the levels of 7.08372 after a strong bearish consolidation. The pair managed to quickly stabilize there and started a recovery to today's levels. For further growth on the bullish side, we need a consolidation to the level of 7.18000.
This puts us above the weekly opening price and increases the chances of seeing a continuation on the upside. Possible upper targets are the 7.19000 and 7.20000 levels. For a bearish option, we need a negative consolidation and a pullback to the 7.12000 level. That takes us back below the daily opening price to form a new daily low. Possible lower targets are the 7.10000 and 7.00000 levels.
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(tags to translate)USD/CAD
