- This week, USD/CAD peaked on Monday evening at 1.35440.
- USDCNH fell to the 7.18875 support level on Wednesday.
USDCAD chart analysis
This week, USD/CAD peaked on Monday evening at 1.35440. On Tuesday, during the Asian session, the decline began, bringing the yen down to the 1.35000 level by the end of the day. The decline continued yesterday throughout the day to levels of 1.34480 this morning.
The pair stopped the decline there and started to recover and grow to the level of 1.34730, rising above today's market opening price.
The dollar has a chance to break the bearish pattern with an upward wave and start a tangible recovery. Possible higher targets are 1.34800 and 1.34900 levels. We have additional support in this area at the EMA200 moving average. Also positive for the USDCAD pair is the move above the weekly opening price.
USDCNH chart analysis
USDCNH fell to the 7.18875 support level on Wednesday. Bearish pressure pushed us below the 200 EMA the day before, which influenced us to form this bottom. We received support there, started an upward consolidation, and were back above the EMA200 and 7.20000 levels.
Last night, we rose to the 7.21500 level and stopped briefly in that area. During the previous Asian session, we saw a decline to the 7.20500 level.
With the new support, we quickly start the bullish consolidation and rise to the current level 7.21650. Possible higher targets are 7.22000 and 7.22500 levels. We need to pull back to the 7.2000 level and the EMA200 to get a bearish option.
There we will be under pressure to ask for support. The inability to hold at the top leads us to fall and form a new bottom. Possible lower targets are 7.19500 and 7.19000 levels.
