USD/CAD analysis: Strong momentum pushes the pair to 1.36000
- Yesterday we saw a slight decline in the USD/CAD from the weekly opening price to the 1.35200 level.
- The USDCNH pair is witnessing a steady bullish consolidation process that started last Tuesday.
USDCAD chart analysis
Yesterday we saw a slight decline in the USD/CAD from the weekly opening price to the 1.35200 level. We managed to get support there and started consolidating upwards. During the Asian trading session this morning, we crossed the 1.35500 resistance level. In the European trading session, we continued to reach 1.36004, where we formed a new weekly high. For now, we are consolidating below this level, falling to the 1.35650 level.
If we can hold above this level, we will have the opportunity to attack the previous high and try to get a new high. Possible higher targets are 1.36000 and 1.36100 levels. We need negative consolidation and a pullback below 1.35600 for a bearish option. Thus, we started a new decline, focusing on the 1.35400 support area this morning. Possible lower targets are 1.35300 and 1.35200 levels.
USDCNH chart analysis
The USDCNH pair is witnessing a steady bullish consolidation process that began last Tuesday. During this morning's Asian session, the pair made a break above the 7.20800 resistance area. After that, we continued to rise above 7.21000 until the new high 7.21314. We are currently still in that area, holding above the 7.21000 level. If we stay here, we will have the opportunity to continue to the upside and reach new higher levels.
Possible higher targets are 7.21500 and 7.22000 levels. We need to pull back below the 7.21000 level for a bearish option. Next, we look at the 7.20800 level because if we break below it, we are back to the previous consolidation zone. In this way, increasing downward momentum will continue to put pressure on the price, directing it to the downside. Possible lower targets are 7.20500 and 7.20000 levels.
The post USD/CAD Analysis: Strong Momentum Pushes Pair to 1.36000 appeared first on FinanceBrokerage.
