USDCAD pulled back to support at 1.34600, USDCNH fell
USDCAD remains today under bearish pressure below the 1.35000 level.
On Tuesday, USDCNH fell to a weekly low at 7.17180 level.
USDCAD chart analysis
USDCAD remains today under bearish pressure below the 1.35000 level. On Tuesday, we had an attempt to move above. We succeeded in that by jumping to 0.35256, but by the end of the day, we had returned below the 1.35000 level. We had additional pressure in the EMA200, which directed us to the bearish side. Yesterday, the pair fell to 1.34592 and formed a new weekly low.
Since then, we have been consolidating in the 1.34600-0.34800 range and are under pressure to slide to a new weekly low. Potential lower targets are the 1.34500 and 1.34400 levels. We need a positive consolidation and a return above the 1.34800 level for a bullish option. There, we approach the weekly open price, and by moving above, we return to the positive side. Potential higher targets are the 1.34900 and 1.35000 levels.
USDCNH chart analysis
On Tuesday, USDCNH fell to a weekly low at 7.17180 level. We get new support at that level, and with two bullish impulses, we return above the 7.18500 level. We saw a consolidation yesterday before continuing to recover to the 7.20256 level. We managed to jump over the EMA200 moving average but stayed above it for a short time. A new pullback to the 7.19000 level and new support followed.
Today, we retested the 7.20000 level but failed to move above it. We need a stronger impulse that would move us at least to 7.20500, after which we would have more room for consolidation above the EMA200 and 7.20000 levels. Potential higher targets are 7.21000 and 7.21500 levels.
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