{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/usd-cad-is-in-a-downtrend-may-find-support-above-level-1-2702\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/usd-cad-is-in-a-downtrend-may-find-support-above-level-1-2702\/","headline":"USD\/CAD Is in a Downtrend, May Find Support above Level 1.2702","name":"USD\/CAD Is in a Downtrend, May Find Support above Level 1.2702","description":"USD\/CAD Long-Term Analysis: BullishUSD\/CAD is\u00a0 retracing from the 1.2900 resistance zone but may find support above level 1.2702. The pair will retrace to the low of level 1.2676 or above the moving averages. It will resume a fresh uptrend if price retraces and finds support above the moving averages. However, if price breaks below the […]","datePublished":"2022-04-29","dateModified":"2022-04-29","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\/04\/USDCADDaily-Chart-3.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2022\/04\/USDCADDaily-Chart-3.png","height":536,"width":1052},"url":"https:\/\/forexschoolonline.com\/usd-cad-is-in-a-downtrend-may-find-support-above-level-1-2702\/","about":["FX Technical Analysis","Price Action Charts in Focus","USD\/CAD"],"wordCount":259,"articleBody":"USD\/CAD Long-Term Analysis: BullishUSD\/CAD is\u00a0 retracing from the 1.2900 resistance zone but may find support above level 1.2702. The pair will retrace to the low of level 1.2676 or above the moving averages. It will resume a fresh uptrend if price retraces and finds support above the moving averages. However, if price breaks below the moving averages, the selling pressure will continue. The market will further decline to the low of level 1.2472.USD\/CAD Indicator Analysis USD\/CAD is at level 58 of the Relative Strength Index for period 14. The pair is still in the uptrend zone and it is capable of further upward move. The 21-day line and the 50-day line moving averages are sloping horizontally indicating a sideways move. The pair has been in a sideways trend since December 2021. USD\/CAD is below the 20% range of the daily stochastic. It implies that the market has reached the oversold region of the market. The current downtrend will reach bearish exhaustion.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, USD\/CAD has resumed its downtrend but may find support above level 1.2702. According to the Fibonacci tool analysis, the currency pair will retraced to the 78.6% Fibonacci retracement level or level 1.2702 . Also, tt may find support above the 50-day line SMA.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"}