USDCAD and USDCNH: USDCAD remains in the 1.37000 zone
- During this morning’s Asian trading session, USDCAD rose to 0.37350 and formed a new weekly high there.
- For the USDCNH chart analysis, a bearish consolidation was initiated in the Asian session following the rise to 7.27586 yesterday, which led to a quick pullback below 7.26800 and the EMA50 moving average.
USDCAD chart analysis
During this morning’s Asian trading session, USDCAD rose to 0.37350 and formed a new weekly high there. After that, we stop there and pull back slightly to the 1.37150 level. The dollar is now under pressure, which could pull this pair to a new daily low. Potential lower targets are 1.37000 and 1.36900 levels. Additional support for USDCAD in the 1.36900 zone is the EMA50 moving average.
We need a positive consolidation and a return above 1.37200 for a bullish option. After that, it is necessary to keep up there. If we succeed in this, we can expect a new testing of the morning high, or the formation of a new one. Potential higher targets are 1.37400 and 1.37500 levels.
USDCNH chart analysis
For the USDCNH chart analysis, a bearish consolidation was initiated in the Asian session following the rise to 7.27586 yesterday, which led to a quick pullback below 7.26800 and the EMA50 moving average. This was followed by strong bearish impulses, resulting in the formation of a new weekly low at the 7.24764 level. Currently, we are attempting to hold above and move slightly to the 7.25280 level.
For USDCNH, a retracement above the 7.25600 level would position it above the EMA200 moving average. However, it’s crucial to hold above the 7.25280 level to stabilize before considering a bullish move. Potential higher targets are 7.25800 and 7.26000.
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