{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/usd-cad-is-in-upward-correction-as-it-faces-rejection-at-1-2950\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/usd-cad-is-in-upward-correction-as-it-faces-rejection-at-1-2950\/","headline":"USD\/CAD Is in Upward Correction as It Faces Rejection at 1.2950","name":"USD\/CAD Is in Upward Correction as It Faces Rejection at 1.2950","description":"USD\/CAD Long-Term Analysis: BearishUSD\/CAD is in a downward correction as it faces rejection at 1.2950.Today, the pair is stuck between the moving average lines. The implication is that the range-bound move will continue. Today, currency pair is facing rejection at the 21-day line SMA. This will cause the market to decline to the previous low. […]","datePublished":"2022-08-10","dateModified":"2022-08-10","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\/08\/USDCADDaily-Chart.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2022\/08\/USDCADDaily-Chart.png","height":545,"width":1079},"url":"https:\/\/forexschoolonline.com\/usd-cad-is-in-upward-correction-as-it-faces-rejection-at-1-2950\/","about":["FX Technical Analysis","Price Action Charts in Focus","USD\/CAD"],"wordCount":278,"keywords":["Price Analysis","USD\/CAD"],"articleBody":"USD\/CAD Long-Term Analysis: BearishUSD\/CAD is in a downward correction as it faces rejection at 1.2950.Today, the pair is stuck between the moving average lines. The implication is that the range-bound move will continue. Today, currency pair is facing rejection at the 21-day line SMA. This will cause the market to decline to the previous low. USD\/CAD will revisit the previous low at level 1.27674.USD\/CAD Indicator Analysis USD\/CAD is at level 50 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The 21-day line SMA and the 50-day line SMA are sloping horizontally indicating a sideways move. USD\/CAD is below the 40% range of the daily stochastic. The pair is in a bearish momentum.USD\/CAD \u2013 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 4 hour chart, USD\/CAD has been in a downward correction as it faces rejection at 1.2950. The pair have been fluctuates between the 21-day line SMA and the 50-day line SMA. Today, the bulls have broken above the 21-day line SMA but it is resisted at the recent high. Meanwhile, on the August 8 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that. The pair will rise to level 1.618 Fibonacci extension or 1.27718. From the price action, the pair has already fallen to the oversold region of the market but is resuming downward.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"}