USDCAD and USDCNH: USDCAD stopped at 1.37200
During this morning’s Asian trading session, USDCAD retreated to the 1.37250 level.
On Wednesday, USDCNH rose to 7.19456, a new weekly high.
USDCAD chart analysis
During this morning’s Asian trading session, USDCAD retreated to the 1.37250 level. We were close to falling below the weekly low, but the pair managed to stop. A new bullish consolidation and recovery to the 1.37600 level has been initiated. We are now testing the EMA 50 moving average and hoping for a move above its line. After that, we will get new support, and we can start further recovery with more relief.
Potential higher targets are 1.37800 and 1.38000 levels. We need a negative consolidation down to the 1.37200 support zone for a bearish option. With the new descent, it would be the third time in the last 24 hours. We go to a new weekly low with the impulse below and expect further pullback. Potential lower targets are 1.37000 and 1.36800 levels.
USDCNH chart analysis
On Wednesday, USDCNH rose to 7.19456, a new weekly high. After that we saw a stop in that zone and the start of a bearish consolidation to the 7.16000 support zone. During this morning’s Asian session, the pair managed to initiate a recovery from that zone and move above the 7.18000 level. To continue on the bullish side, we need a new impulse above the EMA 200 and 7.19500 levels.
Potential higher targets are 7.20000 and 7.21000 levels. For a bearish option, we need a negative consolidation to the 7.15000 level. In this way, we will form a new daily low and get confirmation of the increasing pressure on USDCNH. After that, the only option is to see a further retreat to lower levels. Potential lower targets are 7.14000 and 7.13000 levels.
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