Connect with us

Hi, what are you looking for?

Economy

Understanding USDCAD and USDCNH: How to Trade at 1.35440

Understanding USDCAD and USDCNH: How to Trade at 1.35440

This week, USDCAD peaked on Monday evening at the 1.35440 level.
USDCNH retreated to the 7.18875 support level on Wednesday.

USDCAD chart analysis

This week, USDCAD peaked on Monday evening at the 1.35440 level. On Tuesday, during the Asian session, a pullback began, which brought the yen down to the 1.35000 level by the end of the day. Yesterday the decline continued throughout the day to 1.34480 levels this morning.

The pair stops the fall there and starts recovery and growth to the 1.34730 level, climbing above today’s market opening price.

The dollar has an opportunity to break through the bearish formation with a bullish impulse and start a concrete recovery. Potential higher targets are 1.34800 and 1.34900 levels. We have additional support in this zone in the EMA200 moving average. Also positive for USDCAD is the move above the weekly open price.

USDCNH chart analysis

USDCNH retreated to the 7.18875 support level on Wednesday. Bearish pressure brought us below the EMA200 the day before, influencing us to form this low. We received support there, initiated a bullish consolidation, and returned above the EMA200 and 7.20000 levels.

Last night, we climbed up to the 7.21500 level and stopped briefly in that zone. During the previous Asian session, we saw a pullback to the 7.20500 level.

With new support, we quickly initiate a bullish consolidation, and rise to the current 7.21650. Potential higher targets are 7.22000 and 7.22500 levels. We need a pullback to the 7.2000 level and the EMA200 moving average for a bearish option.

There, we would be under pressure to seek support. The inability to hold above leads us to fall below and form a new low. Potential lower targets are 7.19500 and 7.19000 levels.

 

The post Understanding USDCAD and USDCNH: How to Trade at 1.35440 appeared first on FinanceBrokerage.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Enter Your Information Below To Receive 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

    Enhancing and Broadening Managed Connectivity Solutions Across the Americas. OptConnect, a longtime leader in managed wireless services, today announced it has acquired Latin America-based...

    Editor's Pick

    CSL, Critical IoT Connectivity experts, announce the launch of CSL Satellite. CSL Satellite provides Critical Connectivity to remote or challenging environments, where mobile or...

    Stock

    Honda said on Tuesday it was recalling 750,000 vehicles in the United States over a defect involving air bags which could deploy unintentionally during...

    Stock

    Cruise, the driverless car company owned by General Motors is back in the spotlight after another close call with a pedestrian. The California DMV...

    Disclaimer: Financetimereport.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 © 2024 Financetimereport.com