Economy

USDCAD and USDCNH: USDCAD is struggling to stay at 1.36600

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USDCAD and USDCNH: USDCAD is struggling to stay at 1.36600

USDCAD fell to 1.36314 levels on Friday. 
During this morning’s Asian session USDCNH climbed to a new weekly high at 7.24571 level.

USDCAD chart analysis

USDCAD fell to 1.36314 levels on Friday. This week, we are moving in the 1.36600-1.36900 range. We are now under pressure at the bottom level of this rank. One bearish impulse could easily throw us to a new weekly low, thus directing USDCAD to the bearish side. Potential lower targets are 1.36500 and 1.36400 levels.

We need to move above 1.36800 and the EMA50 moving average for a bullish option. With its support, we could continue to the EMA200 and 1.36900 levels. If we manage to stay up there, we will form a better position from which we could start a further recovery above these resistances. Potential higher targets are 1.37000 and 1.37100 levels.

USDCNH chart analysis

During this morning’s Asian session USDCNH climbed to a new weekly high at 7.24571 level. After that, the pair slightly pulls back to the 7.24100 support level. Here, we test the daily open price. By falling below, we will form a new daily low, thereby confirming the bearish presence on the chart. Potential lower targets are 7.23800 and 7.23600 levels. In the zone of 7.23800 we will test the EMA50 moving average while the EMA200 in the zone of 7.23250 was level.

We need to hold above the 7.24100 support level for a bullish option. After that, we can expect the initiation of positive consolidation and testing of this morning’s high at 7.24571. A new impulse in that zone pushes above, and we form a new weekly high. Potential higher targets are 7.24600 and 7.24800 levels.

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