{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/bears-usdcad-market-advances-deeper-as-us-cpi-arrives-negative\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/bears-usdcad-market-advances-deeper-as-us-cpi-arrives-negative\/","headline":"Bears USDCAD Market Advances Deeper as US CPI Arrives Negative","name":"Bears USDCAD Market Advances Deeper as US CPI Arrives Negative","description":"The much-anticipated US CPI data arrived, and its value assisted bear traders in the USDCAD market to print some profits. However, the profits may be short-lived should upcoming data, such as the PPI and Jobless Claims data, arrive in the green. Consequently, this may assist the US dollar with some recovery, and subsequently affect the […]","datePublished":"2024-06-13","dateModified":"2024-06-13","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2023\/11\/DOLLAR.jpg","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2023\/11\/DOLLAR.jpg","height":427,"width":640},"url":"https:\/\/forexschoolonline.com\/bears-usdcad-market-advances-deeper-as-us-cpi-arrives-negative\/","about":["Forex","FX Technical Analysis","Trading","USD\/CAD"],"wordCount":307,"keywords":["Forex","Technical Analysis","usdcad"],"articleBody":"The much-anticipated US CPI data arrived, and its value assisted bear traders in the USDCAD market to print some profits. However, the profits may be short-lived should upcoming data, such as the PPI and Jobless Claims data, arrive in the green. Consequently, this may assist the US dollar with some recovery, and subsequently affect the pair under consideration.Key Price Levels:Resistance Levels: 1.3800, 1.3900, and 1.4000Support Levels: 1.3700, 1.3600, and 1.3500Upside Forces May Keep USDCAD Trading Above the 1.3700 MarkUSDCAD’s price action has been considerably bearish in the previous session. Although the momentum of the downward correction has reduced significantly, the overall trend remains bearish. However, price activity stands above all of the Exponential Moving Average (EMA) lines, which suggests that the market may stay above the 1.3700 price region.Another interesting sign is emanating from the Moving Average Convergence Divergence (MACD) lines, which are still projected slightly upward above the equilibrium level. Also, the last price candle appears very small, indicating that the bearish momentum has dwindled considerably.USDCAD Bulls Are Still Attempting to Breach the Downward CorrectionIn the 4-hour USDCAD market, we can see that recent price activity still stands above the EMA lines. The last price candle is hammer-shaped, and it stands above the 50, 100, and 200-day EMA lines. At the same time, the MACD lines are still above the centerline of the indicator.The lines of this indicator are now taking a sideways course, while its bars appear pale red. Technically, it appears that bulls are quietly gaining strength. This makes sense since more impactful fundamentals are on the way. It appears that market participants are optimistic. Consequently, traders can stay bullish since the market appears to be gaining momentum towards the psychological resistance at the 1.3800 price level.Do you want to take your trading to the next level? Join the best platform for that here."}