Connect with us

Hi, what are you looking for?

Trading Secrets

USDCAD and USDCNH: USDCAD is trying to hold above 1.35700

USDCAD and USDCNH: USDCAD is trying to hold above 1.35700

On Friday, USDCAD jumped to a new yearly high at 1.36476. USDCNH fell into some consolidation for the fourth day.

USDCAD chart analysis

On Friday, USDCAD jumped to a new yearly high at 1.36476. This was followed by a pullback and a drop below 1.36000 for the rest of the day. Yesterday, the dollar tried to initiate a new bullish consolidation but was stopped at the 0.36175 level. From there, we turn again to the bearish side and slide to the 1.35700 level this morning. Here, we encounter the EMA200, which stops the pullback and keeps us above.

With a break below, we go to a new weekly low and thereby confirm the bearish momentum. Potential lower targets are 1.35500 and 1.35400 levels. We need a positive consolidation and a move above the 1.35850 level for a bullish option. We will thus skip the previous consolidation and can expect further growth and a transition to a more specific bullish trend. Potential higher targets are 1.36000 and 1.36200 levels.

USDCNH chart analysis

USDCNH fell into some consolidation for the fourth day. We are under more pressure this week as the move is taking place below the EMA200 moving average. This morning brought us down to a new weekly low at 7.24024 level. We managed to get support at that level and recover to the 7.24450 level. Here, we come across the EMA50 and need to skip that resistance to start a further recovery.

Potential higher targets are 7.24800 and 7.25000 levels. In the zone around 7.24800, we will again wrestle with the EMA200. If we turn again to the bearish side, we will be looking at the 7.24000 level of support. A new test in that zone would only increase the pressure on USDCNH to slip below and form a new low. Potential lower targets are 7.23800 and 7.23600 levels.

The post USDCAD and USDCNH: USDCAD is trying to hold above 1.35700 appeared first on FinanceBrokerage.

Enter your email address below and we’ll send you our best practices.

    You can unsubscribe at any time. Redstatefoundation respects your privacy and strives to be transparent about our data collection practices. Please read our Privacy Policy and Terms of Use.

    You May Also Like

    Trading Secrets

    What is the marginal rate of substitution and its formula? Key Takeaways: Trade-offs and Satisfaction: MRS shows the trade-offs consumers are willing to make...

    Trading Life

    Laura Wong Hon Chan is an interest rate options trader, who is currently a director at Bank of America Merrill Lynch in New York....

    Trading Secrets

    In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews what’s driving the markets higher and what to be on the lookout...

    Trading Secrets

    SPX Monitoring Purposes: Long SPX on 10/10/22 at 3612.39; sold 12/13/22 at 3669.91 = gain 1.59%. Monitoring Purposes GOLD: Long GDX on 10/9/20 at...