{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/usd-cad-is-in-a-downward-move-but-may-likely-reverse-at-level-1-2406\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/usd-cad-is-in-a-downward-move-but-may-likely-reverse-at-level-1-2406\/","headline":"USD\/CAD Is In A Downward Move But May Likely Reverse At Level 1.2406","name":"USD\/CAD Is In A Downward Move But May Likely Reverse At Level 1.2406","description":"USD\/CAD Long-Term Analysis: BearishUSD\/CAD is in a downtrend. Since the last bearish impulse on March 17, the pair has been making a brief uptrend in April. The uptrend has been facing rejection at the high of level 1.2650. On three occasions the uptrend has been rejected. There is the tendency of a downward movement of […]","datePublished":"2021-04-26","dateModified":"2021-04-26","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\/04\/USDCAD-FOREX-SCHOOL.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2021\/04\/USDCAD-FOREX-SCHOOL.png","height":603,"width":911},"url":"https:\/\/forexschoolonline.com\/usd-cad-is-in-a-downward-move-but-may-likely-reverse-at-level-1-2406\/","about":["Price Action Charts in Focus","Trade Idea"],"wordCount":208,"keywords":["Price Analysis","USD\/CAD"],"articleBody":"USD\/CAD Long-Term Analysis: BearishUSD\/CAD is in a downtrend. Since the last bearish impulse on March 17, the pair has been making a brief uptrend in April. The uptrend has been facing rejection at the high of level 1.2650. On three occasions the uptrend has been rejected. There is the tendency of a downward movement of prices. Today, the selling pressure has resumed on the downsides..USD\/CAD Indicator Analysis The 21-day and 50-day SMAs are sloping downward indicating the downtrend. The pair is at level 42 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone and below the centerline 50.USD\/USD – 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 currency pair is likely to resume a downward move as it faces rejection thrice at level 1.2650 high. On April 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.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"}