{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/usd-cad-declines-to-range-bound-zone-unable-to-sustain-above-1-2850-high\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/usd-cad-declines-to-range-bound-zone-unable-to-sustain-above-1-2850-high\/","headline":"USD\/CAD Declines to Range-bound Zone, Unable To Sustain Above 1.2850 High","name":"USD\/CAD Declines to Range-bound Zone, Unable To Sustain Above 1.2850 High","description":"USD\/CAD Long-Term Analysis: RangingUSD\/CAD pair has been in a sideways trend but was unable to sustain above 1.2850 high. On December 16, the pair encounters a false breakout. The currency price has broken above the 1.2850 overhead resistances to reach the high of level 1.2963. The uptrend was repelled as price fell below the overhead […]","datePublished":"2021-12-31","dateModified":"2021-12-31","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\/12\/USDCADDaily-Chart-4.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2021\/12\/USDCADDaily-Chart-4.png","height":548,"width":1071},"url":"https:\/\/forexschoolonline.com\/usd-cad-declines-to-range-bound-zone-unable-to-sustain-above-1-2850-high\/","about":["Price Action Charts in Focus","USD\/CAD"],"wordCount":301,"keywords":["Price Analysis","USD\/CAD"],"articleBody":"USD\/CAD Long-Term Analysis: RangingUSD\/CAD pair has been in a sideways trend but was unable to sustain above 1.2850 high. On December 16, the pair encounters a false breakout. The currency price has broken above the 1.2850 overhead resistances to reach the high of level 1.2963. The uptrend was repelled as price fell below the overhead resistance. USD\/CAD has broken below the 21-day line moving average and it is approaching the 50-day line moving average. However, if price breaks below the 50-day line moving average, the selling pressure will extend to the low of level 1.2320.USD\/CAD Indicator Analysis The currency price is now below the 21-day SMA but above the 50-day line SMA which indicates a possible range bound move. USD\/CAD has fallen to level 42 of the Relative Strength Index for period 14. It indicates that the pair is in the downtrend zone and capable of a further decline. The pair has fallen below the 20% range of the daily stochastic. The market has reached the oversold region of the market. The selling pressure is likely to subside.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?On the 4 Hour Chart, the pair is in a downtrend but was unable to sustain above 1.2850 high. From the high of level 1.2950, the currency pair has fallen to the low of 1.2728. The selling pressure may subside as it reaches the oversold region. Meanwhile, on December 24 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the currency pair will fall to level 1. 272 Fibonacci extension or 1.2737.USD\/CAD – 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"}