{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/the-usdcad-market-stays-under-the-control-of-bears\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/the-usdcad-market-stays-under-the-control-of-bears\/","headline":"The USDCAD Market Stays Under the Control of Bears","name":"The USDCAD Market Stays Under the Control of Bears","description":"Even after the arrival of the US inflation report, it appears that the USD remains unrevived. This has caused bearish pressure to keep mounting in this market. As it stands, price action in the USDCAD market may yet visit lower price levels as trading continues. Key Price Levels: Resistance Levels: 1.3678, 1.3700, and 1.3750 Support […]","datePublished":"2023-11-16","dateModified":"2023-11-16","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\/2021\/09\/dollar-others.jpg","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2021\/09\/dollar-others.jpg","height":867,"width":1300},"url":"https:\/\/forexschoolonline.com\/the-usdcad-market-stays-under-the-control-of-bears\/","about":["Price Action Charts in Focus"],"wordCount":297,"keywords":["Forex","trading","usdcad"],"articleBody":"Even after the arrival of the US inflation report, it appears that the USD remains unrevived. This has caused bearish pressure to keep mounting in this market. As it stands, price action in the USDCAD market may yet visit lower price levels as trading continues.Key Price Levels:Resistance Levels: 1.3678, 1.3700, and 1.3750Support Levels: 1.3650, 1.3600, and 1.3550USDCAD Keeps DivingBearish pressure has been developing in the USDCAD daily market since last week due to the weakening momentum of the US dollar. However, the bearish pressure has continued to gain momentum. Also, price behavior has been suggesting that downward forces are still dominant.With price activity now below the middle limit of the Bollinger Bands, it is still pushing the lower limit of the Bollinger Bands. The Moving Average Convergence Divergence (MACD) indicator lines are now nearly testing the equilibrium level of the indicator. Likewise, the bars of the MACD indicator stay solid red, which suggests that downward forces are still formidable enough to cause further price declines.USDCAD Stages a Weak ResistanceThe USDCAD price action has corrected minimally off the lowest limit of the Bollinger Bands indicator. This can be seen via the price candle that has appeared for the ongoing session. Nevertheless, despite the upside correction, price action retains largely bearish characteristics since it lies below the middle limit of the Bollinger Bands indicator.In addition, the MACD lines are now below the equilibrium level, while the last bar here is now pale red with respect to the minimal upside correction. Therefore, most of the indications arising from this market still strongly support additional downward corrections. As a result, unless positive fundamentals arrive, the pair may reach the 1.3600 mark.Do you want to take your trading to the next level? Join the best platform for that here."}