{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/usdcad-has-the-potential-to-extend-downward-corrections\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/usdcad-has-the-potential-to-extend-downward-corrections\/","headline":"USDCAD Has the Potential to Extend Downward Corrections","name":"USDCAD Has the Potential to Extend Downward Corrections","description":"The US dollar continues to appear weak, largely due to market expectations surrounding the upcoming Fed rate cut in September. Additionally, the market is anticipating a core CPI of 0.2%. A higher-than-expected CPI would suggest a more significant rate cut next month, likely driving the USDCAD market lower and providing gains for bearish traders. Key […]","datePublished":"2024-08-15","dateModified":"2024-08-15","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\/11\/DOLLAR.jpg","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2023\/11\/DOLLAR.jpg","height":427,"width":640},"url":"https:\/\/forexschoolonline.com\/usdcad-has-the-potential-to-extend-downward-corrections\/","about":["Forex","FX Technical Analysis","Technical Analysis","USD\/CAD"],"wordCount":247,"keywords":["Forex","Technical Analysis","usdcad"],"articleBody":"The US dollar continues to appear weak, largely due to market expectations surrounding the upcoming Fed rate cut in September. Additionally, the market is anticipating a core CPI of 0.2%. A higher-than-expected CPI would suggest a more significant rate cut next month, likely driving the USDCAD market lower and providing gains for bearish traders.Key Price Levels:Resistance Levels: 1.3750, 1.3800, and 1.3850Support Levels: 1.3700, 1.3650, and 1.3600USDCAD Falls, Maintains a Vulnerable PositionPrice action in the USDCAD daily market reversed after briefly exceeding the 1.3900 threshold. Since then, the market has continued to decline toward lower price levels. Currently, the pair is trading below the middle band of the Bollinger Bands indicator.Additionally, the Stochastic Relative Strength Index (SRSI) lines appear burdened in the oversold region, further diminishing any hope of an upward rebound, even from the lowest band of the Bollinger Bands indicator.USDCAD Lacks Bullish CatalystsIn the 4-hour market, the USDCAD remains weak. The last price candle is green but hasn’t shown any significant price increase so far. Additionally, the middle band of the Bollinger Bands has acted as resistance to upside retracement in recent sessions.Meanwhile, the SRSI indicator lines have exaggeratedly moved into the overbought region, despite the market showing little to no price increase and mostly consolidating. Technically, the market has the potential to approach lower price levels, and traders may consider taking positions toward the 1.3680 mark.Do you want to take your trading to the next level? Join the best platform for that here."}