USDCAD and USDCNH: USDCAD retreated to 1.34560
USDCAD and USDCNH: USDCAD retreated to 1.34560 this morning
On Tuesday, USDCAD climbed above the 1.36000 level, forming a new high at 1.36136. USDCNH was in a bullish trend this week until yesterday after forming a high at the 7.21876 level.USDCAD chart analysis
On Tuesday, USDCAD climbed above the 1.36000 level, forming a new high at 1.36136. This was followed by a pullback to the 0.35600 support level. Yesterday, we started with a new bullish consolidation but stopped at the 1.36000 level. We failed to move above, and a bearish consolidation followed, which lasted until the 1.34560 level this morning.
After the new support, the pair begins to recover and returns above the 1.35000 level. At the moment, it is important that we manage to stay above in order to move to 1.35250 and test the EMA200 moving average there. With the return above, we switch to the bullish side and expect to see further recovery of the USDCAD. Potential higher targets are 1.35400 and 1.35600 levels.
USDCNH chart analysis
USDCNH was in a bullish trend this week until yesterday after forming a high at the 7.21876 level. There, we encounter a strong resistance that triggers a bearish consolidation and pulls us below the 7.21000 level. The pair dropped to 7.20346 and formed a new low there. After that, we move above the 7.20800 level and find support in the EMA200 moving average. From there, we start the bullish consolidation that continues today.
Today, we are successfully holding above the 7.21000 level, with the daily high at 7.21699. We are currently hovering around 7.21400 and expect to continue the bullish trend. Potential higher targets are 7.21600 and 7.21800 levels. If USDCNH pulls back, the first support is at the 7.21200 level. We encounter the EMA50 moving average there, which could stop further retreat, but we do not rule out testing the 7.21000 level either.
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