{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/usd-cad-declines-after-the-formation-of-bearish-double-top\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/usd-cad-declines-after-the-formation-of-bearish-double-top\/","headline":"USD\/CAD Declines after the Formation of a Bearish Double Top","name":"USD\/CAD Declines after the Formation of a Bearish Double Top","description":"USD\/CAD Long-Term Analysis: BullishUSD\/CAD is in a downward move after the formation of a bearish double top. The currency price broke below the 21-day line SMA but approaches the 50-day line SMA. The pair will be compelled to a range-bound move if it finds support above the 50-day line SMA. Meanwhile, on May 18 downtrend; […]","datePublished":"2022-05-28","dateModified":"2022-05-28","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\/2022\/05\/USDCADDaily-Chart-2.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2022\/05\/USDCADDaily-Chart-2.png","height":536,"width":1052},"url":"https:\/\/forexschoolonline.com\/usd-cad-declines-after-the-formation-of-bearish-double-top\/","about":["Price Action Charts in Focus","USD\/CAD"],"wordCount":284,"articleBody":"USD\/CAD Long-Term Analysis: BullishUSD\/CAD is in a downward move after the formation of a bearish double top. The currency price broke below the 21-day line SMA but approaches the 50-day line SMA. The pair will be compelled to a range-bound move if it finds support above the 50-day line SMA. Meanwhile, on May 18 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the currency pair will fall to level 1.618 Fibonacci extension or level 1.2722. From the price action, USD\/CAD has retested the Fibonacci extension. It is unclear if the support will hold..USD\/CAD Indicator Analysis USD\/CAD has fallen to level 44 of the Relative Strength Index for period 14. The pair is trading now in the bearish trend zone and is capable of a further downward move. The currency price bars are above the 50-day line SMA but below the 21-day line SMA indicating a possible range bound move of the pair.USD\/CAD is below the 20% range of the daily stochastic. The market has reached the oversold region.USD\/CAD – Daily ChartTechnical indicators: Major 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 pair is in a downtrend after the formation of a bearish double top. USD\/CAD fell to the oversold region of the market. Meanwhile, on May 18 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the currency pair will fall to level 1.618 Fibonacci extension or level 1.2634.USD\/CAD \u2013 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"}