Connect with us

Hi, what are you looking for?

Economy

USDCAD and USDCNH: USDCAD is treading above 1.37800 level

USDCAD and USDCNH: USDCAD is treading above 1.37800 level

On Monday, the USDCAD rose to 1.37819 levels, followed by a pullback at 1.37500. 
Pair USDCNH continues this week with previous bullish consolidation.

USDCAD chart analysis

On Monday, the USDCAD rose to 1.37819 levels, followed by a pullback at 1.37500. This morning’s Asian trading session brought stability and initiated a recovery to the 1.37750 level. Now, all eyes are on the US session, which is expected to increase volatility and reveal the direction we continue. A break above the 1.37820 level could push us to a new weekly high.

Potential higher targets are 1.38000 and 1.38200 levels. We need a negative consolidation pullback below the 1.37500 support level for a bearish option. This leads to the formation of a new weekly low and confirms that the dollar is under pressure, and the pair could drop to lower levels. Potential lower targets are 1.37400 and 1.37200 levels.

 

USDCNH chart analysis

Pair USDCNH continues this week with previous bullish consolidation. In the previous hour, we tested this week’s high at 7.27270. We have been in a bullish consolidation since the morning and expect to see a continuation to the bullish side. The pair has a chance to climb to a new weekly high. Potential higher targets are 7.27400 and 7.27600 levels.

We need a negative consolidation and pullback to the 7.26500 level for a bearish option. There we test the daily open price and the EMA50 moving average. A pullback below will strengthen the bearish momentum to the weekly open price 7.26290. This zone is very important for a longer-term view of USDCNH movements. A drop below forms a new weekly low and thus confirms the bearish primacy. Potential lower targets are 7.26200 and 7.26000 levels.

 

The post USDCAD and USDCNH: USDCAD is treading above 1.37800 level appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    The central political question of the guilty verdict handed down at Donald Trump’s criminal trial in Manhattan is the same question that comes up...

    Editor's Pick

    There were several reasons offered in support of the congestion pricing plan that was supposed to go into effect in New York at the...

    Editor's Pick

    Here’s a quick review of statements made Friday by former president Donald Trump at Trump Tower, in order. Some of these claims we have...

    Editor's Pick

    The responses from most Democratic officials were restrained, even somber in tone, after a jury found former president Donald Trump guilty on all 34...

    Disclaimer: fiscalempire.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2023 fiscalempire.com