{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/usd-cad-reaches-overbought-region-as-it-faces-rejection-at-level-1-2900\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/usd-cad-reaches-overbought-region-as-it-faces-rejection-at-level-1-2900\/","headline":"USD\/CAD Is in an Uptrend as It Faces Rejection at Level 1.2900","name":"USD\/CAD Is in an Uptrend as It Faces Rejection at Level 1.2900","description":"USD\/CAD Long-Term Analysis: BullishUSD\/CAD is in a sideways move as it faces rejection at level 1.2900. Since December 2021, the currency pair has been in a sideways move below the 1.2900 overhead resistances. Buyers have failed to keep the price above the overhead resistance. Each time the overhead resistance is retested, the market would fall […]","datePublished":"2022-05-07","dateModified":"2022-05-07","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\/05\/USDCADDaily-Chart.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2022\/05\/USDCADDaily-Chart.png","height":536,"width":1052},"url":"https:\/\/forexschoolonline.com\/usd-cad-reaches-overbought-region-as-it-faces-rejection-at-level-1-2900\/","about":["Price Action Charts in Focus","USD\/CAD"],"wordCount":268,"articleBody":"USD\/CAD Long-Term Analysis: BullishUSD\/CAD is in a sideways move as it faces rejection at level 1.2900. Since December 2021, the currency pair has been in a sideways move below the 1.2900 overhead resistances. Buyers have failed to keep the price above the overhead resistance. Each time the overhead resistance is retested, the market would fall above the moving averages. Meanwhile, on April 13 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the currency pair will fall to level 2.0 Fibonacci extension or level 1.2896.USD\/CAD Indicator Analysis The currency pair is at level 62 of the Relative Strength Index for period 14. Despite the retracement, the pair is in the uptrend zone and it is capable of further upward move. The price bars are above the moving averages indicating a further rise of the currency pair. USD\/CAD is above the 80% range of the daily stochastic. It implies that the market has reached the overbought region of the market. The pair is likely to decline from the overbought region.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 is in a sideways move as it faces rejection at level 1.2900. The pair has been making positive moves which have faced rejection at the recent high. Today, the pair is rising to retest the overhead resistance.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"}