- During the Asian trading session, USD/CAD rebounded from 1.35675 to 1.36100 levels.
- USDCNH has been in a steady bullish consolidation since Monday.
USDCAD chart analysis
During the Asian trading session, USD/CAD rebounded from 1.35675 to 1.36100 levels. The pair has regained its grip on the weekly opening price and is close to breaking above a new weekly high. We have EMA50 and EMA200 moving average support, and everything is on the dollar's side. Possible higher targets are 1.36200 and 1.36300 levels.
First we need negative consolidation and a pullback below the 1.35800 level for a bearish option. With this move, we first fall below the EMA50. Downward pressure is building, which could take us to 1.35650 and the EMA200. Thus, we will test the moving average for the third time this week. This time, a break down and a drop to a new daily low may occur. Possible lower targets are 1.35600 and 1.35400 levels.
USDCNH chart analysis
USDCNH has been in a steady bullish consolidation since Monday. In the first hours of the market opening this week, the pair fell from 7.28205 to 7.23245 levels. After receiving support at this level, the upward consolidation began, which continues today. The highest price for today is at 7.26750, and we expect it to continue above it for the rest of today’s trading. Possible higher targets are 7.27000 and 7.27500 levels.
Back in the area around 7.27500, we will be close to testing the weekly opening price. For the bearish option, we need a negative consolidation and a pullback below 7.26000 as a first step. This would lead to a decline, and the USDCNH pair would be forced to look down for a new support level. Possible lower targets are 7.25000 and 7.24500 levels.
