USDCAD and USDCNH: USDCAD remains stable above 1.36700
During this morning’s Asian trading session, USDCAD pulled back to the EMA200 moving average. Today, we are witnessing USDCNH testing the weekly open price at the 7.26289 level.USDCAD chart analysis
During this morning’s Asian trading session, USDCAD pulled back to the EMA200 moving average. Successfully, the pair gets the required support at the 1.36700 level and returns to the daily open price at the 1.36942 level. For now we have resistance in this zone failing to move above. We need a stronger impulse for that option. Potential higher targets are 1.37000 and 1.37100 levels.
There is a potential for a bearish option if we see a negative consolidation and pullback to this morning’s support level. This could lead to a drop below to a new daily low. It’s important to note that potential lower targets are 1.36600 and 1.36500, with the weekly open price even lower at 1.36275. This scenario should be closely monitored.
USDCNH chart analysis
Today, we are witnessing USDCNH testing the weekly open price at the 7.26289 level. After a brief momentum above, the pair quickly dropped to the 7.26000 level. We are now testing the daily open price support, but a new impulse is urgently needed to break this morning’s high at 7.26500. If we succeed in this, we will have the opportunity to initiate further growth on the bullish side, underscoring the importance of the current situation.
Potential higher targets, or levels the price could reach, are 7.26750 and 7.27000. However, we need to be cautious as we might see a pullback down to the 7.25580 level and the EMA200 moving average for a bearish option. Instability for USDCNH in that zone could lead to a push below to a new lower low. Potential lower targets, or levels the price could reach, are 7.25000 and 7.24500.
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