{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/usd-cad-is-in-a-sideways-move-declines-after-a-false-breakout\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/usd-cad-is-in-a-sideways-move-declines-after-a-false-breakout\/","headline":"USD\/CAD Is in a Sideways Move, Declines After A False Breakout","name":"USD\/CAD Is in a Sideways Move, Declines After A False Breakout","description":"USD\/CAD Long-Term Analysis: RangingUSD\/CAD pair has been in a sideways trend as it declines after a false breakout. Buyers have failed to breach the overhead resistance at level 1.2850. Since July, the bulls have attempted to breach the resistance level. In the three unsuccessful attempts, the currency pair was repelled as it fell below and […]","datePublished":"2021-12-25","dateModified":"2021-12-25","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\/USDCADWeekly-Chart.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2021\/12\/USDCADWeekly-Chart.png","height":505,"width":1071},"url":"https:\/\/forexschoolonline.com\/usd-cad-is-in-a-sideways-move-declines-after-a-false-breakout\/","about":["Price Action Charts in Focus","USD\/CAD"],"wordCount":317,"articleBody":"USD\/CAD Long-Term Analysis: RangingUSD\/CAD pair has been in a sideways trend as it declines after a false breakout. Buyers have failed to breach the overhead resistance at level 1.2850. Since July, the bulls have attempted to breach the resistance level. In the three unsuccessful attempts, the currency pair was repelled as it fell below and above the moving averages. In the uptrend of December 2, the bulls breach the overhead resistance but the bullish momentum could not be sustained. Meanwhile, on December 2 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that the currency pair will rise to level 1.618 Fibonacci extension or 1.3172. The Fibonacci tool analysis will hold if the overhead resistance is breached.USD\/CAD – Weekly CHartTechnical indicators: Major Resistance Levels \u2013 1.3300, 1.3400, 1.3500Major Support Levels \u2013 1.2300, 1.2200, 1.2100USD\/CAD Indicator Analysis The pair has a bullish crossover. That is, the 21-day line moving average crosses above the 50-day line moving average indicating a buy order. USD\/CAD is at level 55 of the Relative Strength Index for period 14. It indicates that the pair is in the uptrend zone and capable of a further upward move. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. USD\/CAD is below the 80% range of the daily stochastic. The market is in a bearish momentumWhat Is the Next Direction for USD\/CAD?On the Daily Chart, USD\/CAD is a sideways move as it declines after a false breakout . The currency price is above the moving averages. It indicates a possible rise of the currency pair to retest the overhead resistance. The market will resume up trending when the overhead resistance is breached. Otherwise, the current sideways trend may continue.USD\/CAD – Daily 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"}