- USD/CAD rose to a five-month high this morning at 1.38140.
- During the Asian trading session this morning, the USDCNH currency pair rose to 7.28326.
USDCAD chart analysis
USD/CAD rose to a five-month high this morning at 1.38140. After forming a new high in the Asian session, the pair retreats to the 1.37740 level to test the weekly opening price. If we can hang in there, we will have the opportunity to visit this morning's top and perhaps see a new top form. Possible higher targets are 1.38200 and 1.38400 levels.
We need a negative consolidation and a drop below the weekly open price to get a bearish option. This move moves us to the downside and increases the negative pressure on the USD/CAD. The next important level is the lowest level recorded yesterday at 1.37400. A break below it pushes us towards a new weekly low and thus confirms the bearish momentum. Possible lower targets are 1.37200 and 1.37000 levels.
USDCNH chart analysis
During the Asian trading session this morning, USD/CHN rose to 7.28326. After that, the pair declines to support level 7.26600. We have support here at the moment, but we are still under bearish pressure to slide to a new low. Possible lower targets are 7.26500 and 7.26000 levels.
In the area around 7.26000, the pair could receive stronger support and thus remain in the ascending channel with support from the EMA200 moving average. For the bullish option, we need a push above 7.27500. Next, we have to maintain this level if we plan to see a recovery on the upside. Possible lower targets are 7.28000 and 7.28500 levels.
