USDCAD and UDSCNH: USDCAD again below 1.3700 level
After a week, USDCAD again dropped below the 1.37000 level.
During this morning’s Asian session, USDCNH was in a strong bullish consolidation with 7.25000 levels.
USDCAD chart analysis
After a week, USDCAD again dropped below the 1.37000 level. Last night, a new low was formed at the 1.36870 level. During the Asian trading session, we managed to stay above that level. Now there is a slight strengthening of the dollar and crossing above 1.37000. It is possible that the dollar will now strengthen in the US session and move to the EMA200 and 1.37250 levels.
Moving above increases the chances of seeing a continuation of the bullish trend and recovery of the USDCAD. Potential higher targets are 1.37400 and 1.37500 levels.
We need a negative consolidation and a return down to the 1.36850 level for a bearish option. This shows the dollar’s weakness and we can expect a further pullback to the bearish side. Potential lower targets are 1.36800 and 1.36700 levels.
USDCNH chart analysis
During this morning’s Asian session, USDCNH was in a strong bullish consolidation with 7.25000 levels. The dollar continued to dominate in the EU session, and we climbed to 7.26665 levels.
If this trend continues, we could see this pair at a new weekly high. Potential higher targets are 7.26800 and 7.26900 levels. We need a negative consolidation and pullback below the 7.26200 level for a bearish option.
That step would start with the decline of USDCNH towards the 7.26000 level. The next lower support is in the zone around 7.25600 from the beginning of the EU session. If the pair continues to weaken, the next important level is 7.26400 on the EMA200 moving average.
Below it, we will be under even greater pressure to go into an even deeper retreat. Potential lower targets are 7.25000 and 7.24800 levels.
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