{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/usdcad-downward-correction-persists\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/usdcad-downward-correction-persists\/","headline":"USDCAD Downward Correction Persists","name":"USDCAD Downward Correction Persists","description":"The cautious mood surrounding the US dollar continues to dominate the pair, seemingly due to market anticipation of two more rate cuts this year. However, Powell hints at a cautious stance concerning this. Consequently, this confers a bearish characteristic on the USDCAD and has strengthened further downward corrections. Key Price Levels: Resistance Levels: 1.3700, 1.3800, […]","datePublished":"2024-07-11","dateModified":"2024-07-11","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\/09\/USA-dollars.jpg","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2021\/09\/USA-dollars.jpg","height":1253,"width":1880},"url":"https:\/\/forexschoolonline.com\/usdcad-downward-correction-persists\/","about":["Forex","FX Technical Analysis","USD\/CAD"],"wordCount":282,"keywords":["Forex","trading","usdcad"],"articleBody":"The cautious mood surrounding the US dollar continues to dominate the pair, seemingly due to market anticipation of two more rate cuts this year. However, Powell hints at a cautious stance concerning this. Consequently, this confers a bearish characteristic on the USDCAD and has strengthened further downward corrections.Key Price Levels:Resistance Levels: 1.3700, 1.3800, and 1.3900Support Levels: 1.3600, 1.3500, and 1.3400USDCAD Continues Towards the 1.3600 SupportThe USDCAD daily market has been bearish for the past three sessions. It can be observed that since the market rose through the 38.20 Fibonacci Retracement level, it has been ranging between the 1.3800 and 1.3600 price levels.Today’s trading activity has focused the market towards technical support at 1.3600, which lies just above the 200-day EMA line. Additionally, the Stochastic Relative Strength Index (SRSI) has delivered a bearish crossover while in the oversold region. Technically, this supports the notion that downward forces may still drive the market. Bears Will Most Likely Maintain Control of the USDCAD Market in the MeantimeThe USDCAD 4-hour market has revealed that traders have quickly relinquished their profits. This is evident as the market corrected upwards for two sessions but plunged in the third one, erasing previous gains. Furthermore, price activity here lies below all the EMA curves, conferring a strong bearish tone on this market.Meanwhile, the SRSI lines can be seen in the overbought region, displaying a bullish crossover. As a result, it appears that trading indicators are divergent in this market. However, considering that the SRSI is in the oversold region, this supports the possibility that prices may continue towards the 1.3600 and perhaps towards the 1.3550 mark.Do you want to take your trading to the next level? Join the best platform for that here."}