{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/usd-cad-breaks-level-1-2400-as-market-resumes-bearish-momentum\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/usd-cad-breaks-level-1-2400-as-market-resumes-bearish-momentum\/","headline":"USD\/CAD Breaks Level 1.2400 as Market Resumes Bearish Momentum","name":"USD\/CAD Breaks Level 1.2400 as Market Resumes Bearish Momentum","description":"USD\/CAD Long-Term Analysis: BearishUSD\/CAD faces rejection at the 1.2600 resistance level. Since March 23, the currency pair has been fluctuating below the resistance level, In April 24, the bears broke the 1.2600 resistance as the market resumed a downward move. The currency pair has reached the low of 1.2278 and further downsides are likely..USD\/CAD Indicator […]","datePublished":"2021-05-03","dateModified":"2021-05-03","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\/05\/USDCAD-FOREX-SCH-1.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2021\/05\/USDCAD-FOREX-SCH-1.png","height":603,"width":913},"url":"https:\/\/forexschoolonline.com\/usd-cad-breaks-level-1-2400-as-market-resumes-bearish-momentum\/","about":["Price Action Charts in Focus"],"wordCount":213,"keywords":["Price Analysis","USD\/CAD"],"articleBody":"USD\/CAD Long-Term Analysis: BearishUSD\/CAD faces rejection at the 1.2600 resistance level. Since March 23, the currency pair has been fluctuating below the resistance level, In April 24, the bears broke the 1.2600 resistance as the market resumed a downward move. The currency pair has reached the low of 1.2278 and further downsides are likely..USD\/CAD Indicator Analysis The 21-day and 50-day SMAs are sloping downward indicating the downtrend. The pair has fallen to level 30 of the Relative Strength Index period 14. It indicates that the pair has reached the oversold region of the market. The market is also reaching bearish exhaustion.USD\/CAD – Daily Chart Technical indicators:\u00a0\u00a0Major Resistance Levels \u2013 1.3300, 1.3400, 1.3500Major Support Levels \u2013 1.2300, 1.2200, 1.2100What Is the Next Direction for USD\/CAD?The currency pair has resumed a downward move as selling pressure persists. On the August 21 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that USD\/CAD will fall to level 1.272 Fibonacci extension or the low of level 1.2406. From the price action, the pair broke the support level of 1.2400 and continued the downward move.USD\/USD – 4 Hour ChartNote: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results"}