Economy 28-05-2024 12:14 5 Views

USDCAD and USDCNH: USDCAD is down to 1.36150 this morning

USD/CAD

USDCAD and USDCNH: USDCAD is down to 1.36150 this morning

  • This morning, a new weekly low for USDCAD was formed at the 1.6148 level. 
  • At the start of this week, we saw USDCNH pull back to the 7.25400 level. 

USDCAD chart analysis

This morning, a new weekly low for USDCAD was formed at the 1.6148 level. After that, we stabilised there and slightly recovered to the 1.36300 level. We need another move above 1.3640 to test the daily open price. By crossing above, we will have a certain bullish momentum and we can hope for further recovery to the bullish side.

Potential higher targets are 1.36400 and 1.36500 levels. In the 1.36500 zone, we encounter the EMA50 moving average, which could represent resistance to our recovery. We need a negative consolidation below this morning’s support for a bearish option. New instability in that zone would push USDCAD to a new weekly low and thus confirm the continuation of the bearish trend. Potential lower targets are 1.36100 and 1.36000 levels.

USDCAD chart analysis

 

USDCNH chart analysis

At the start of this week, we saw USDCNH pull back to the 7.25400 level. After receiving support at that level, the pair initiated a bullish consolidation that is still ongoing. We climbed to a new weekly low at 7.26442 level in the previous hour. USDCNH is again above the weekly open price, and we are now watching whether the pair will manage to hold there. If it succeeds, we go to a new higher high and thereby confirm the continuation to the bullish side. 

Potential higher targets are 7.26500 and 7.26600 levels. Pulling below the weekly open price, we move again to the negative side and turn downwards. USDCNH will then have to initiate a negative consolidation and look for a new support level. Potential lower targets are 7.26100 and 7.26000 levels.

USDCNH chart analysis

 

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