{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/usd-cad-is-recovering-near-the-1-3505-price-mark\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/usd-cad-is-recovering-near-the-1-3505-price-mark\/","headline":"USD\/CAD Is Recovering Near the 1.3505 Price Mark","name":"USD\/CAD Is Recovering Near the 1.3505 Price Mark","description":"The USDCAD price action broke through the Fibonacci support level of 23.60 shortly after breaking through the same level as the resistance. The price decline was significant, and almost wiped out all the profits recorded since December 2nd. Currently, price action is licking its wounds near the price mark of 1.3505. Important Price Marks: Resistance: […]","datePublished":"2023-01-05","dateModified":"2023-01-05","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\/2023\/01\/USDCAD_2023-01-04_22-39-32.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2023\/01\/USDCAD_2023-01-04_22-39-32.png","height":707,"width":1232},"url":"https:\/\/forexschoolonline.com\/usd-cad-is-recovering-near-the-1-3505-price-mark\/","about":["Forex Strategies","FX Technical Analysis","USD\/CAD"],"wordCount":354,"keywords":["Forex","Technical Analysis","USD\/CAD"],"articleBody":"The USDCAD price action broke through the Fibonacci support level of 23.60 shortly after breaking through the same level as the resistance. The price decline was significant, and almost wiped out all the profits recorded since December 2nd. Currently, price action is licking its wounds near the price mark of 1.3505.Important Price Marks:Resistance: 1.3505, 1.3540, 13580Support: 1.3490, 1.3450, 1.3410USD\/CAD Retreats Below the 1.3600 Price MarkOn the USD\/CAD daily market, prices have fallen back under the 1.3600 mark. And it appears that the bulls will have to work harder to reclaim this lost ground. Price action has taken a moderate upside bounce following the significant price decline in this market. This could be seen with the help of the latest price candle on the daily market chart. The Stochastic RSI is revealing that the upside momentum in this market is unstable, as the lines are now positioned sideways following a crossover. Also, the MACD indicator has now been shaped to indicate a decline in upside momentum. This can be seen through the histogram bars of this indicator, as they are now growing solidly red below the equilibrium level. Consequently, any possible upside recovery in this market may not be that significant.USD\/CAD Price Makes Only Minor Progress Toward the 1.35100 LevelOver the past two sessions on the 4-hour USD\/CAD market, price action has been making consistent minimal profits. This could be seen as prices having moved from 1.35048 on the daily chart to 1.35071 on the 4-hour market. Additionally, the lines of the RSI indicator are now moving steadily upward from deep in the oversold zone at 12.52 and 6.89. Meanwhile, the MACD for this time frame continues to indicate that downward forces are losing strength. This is observed as the lines of this indicator are now approaching each other for an upside crossover. Also, the histogram bars below the equilibrium point are growing shorter and pale in appearance, which supports the opinion of a reduction in downward momentum. However, traders can still predict that the price may reclaim the 1.35120 price level.Do you want to take your trading to the next level? Join the best platform for that here."}