USDCAD and USDCNH: Stay above the weekly open price.
USDCAD has resumed its bullish trend after consolidating last week. This morning, USDCNH fell to the 7.20500 level.USDCAD chart analysis
Following last week. USDCAD is now in a bullish trend after consolidating. The pair rose to 1.360610 levels yesterday. This year’s new high was formed. Since then, the pair has returned to new support at the 1.35600 level. We start a bullish consolidation and climb up to the 1.35900 level. If this movement continues, we could retest the 1.36000 level in the next few hours.
With a stronger impulse, we would move above and form a new high. Potentially higher targets are 1.36100 and 1.36200 levels. We need a negative consolidation and pullback below the 1.35600 support level for a bearish option. USDCAD would open the door to a deeper decline with that move. Potential lower targets are 1.35500 and 1.35400 levels.
USDCNH chart analysis
This morning, USDCNH fell to test the 7.20500 level. From Monday to Wednesday, we were in a bullish trend up to the 7.22034 level. On Wednesday afternoon, after the formation of that high, the pair began to retreat to the weekly open price. It gets that support and recovers to the 7.21000 level. It is also positive that we are back above the EMA200 moving average. Now, we need to stay above to start a further recovery.
Potentially higher targets are 7.21500 and 7.21750 levels. We need a negative consolidation and a drop to retest the 7.20500 level for a bearish option. A break below indicates that USDCNH is moving to the bearish side, and a pullback is to follow. Potential lower targets are 7.20000 and 7.19500 levels.
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