{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/usdcad-sees-a-moderate-pullback\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/usdcad-sees-a-moderate-pullback\/","headline":"USDCAD Sees a Moderate Pullback","name":"USDCAD Sees a Moderate Pullback","description":"The momentum surge following the US election has cooled down, and economic data is beginning to take center stage. As a result, USDCAD has pulled back from yesterday’s price increase. However, more intrigue may be anticipated as the pair seems loaded with fundamental factors. Key Price Levels: Resistance Levels: 1.3900, 1.4000, 1.4100 Support Levels: 1.3800, […]","datePublished":"2024-11-07","dateModified":"2024-11-07","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\/2021\/10\/dollar-4418320_1280.jpg","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2021\/10\/dollar-4418320_1280.jpg","height":701,"width":1280},"url":"https:\/\/forexschoolonline.com\/usdcad-sees-a-moderate-pullback\/","about":["Forex","FX Technical Analysis","Technical Analysis","USD\/CAD"],"wordCount":269,"keywords":["Forex","Technical Analysis","usdcad"],"articleBody":"The momentum surge following the US election has cooled down, and economic data is beginning to take center stage. As a result, USDCAD has pulled back from yesterday’s price increase. However, more intrigue may be anticipated as the pair seems loaded with fundamental factors.Key Price Levels:Resistance Levels: 1.3900, 1.4000, 1.4100Support Levels: 1.3800, 1.3700, 1.3600USDCAD Holds to Previous GainsThe downward retracement in the USDCAD daily market has not been able to completely erase yesterday’s gains. Consequently, the price still stands above the 1.3849 price level. Additionally, price action remains above all the Moving Average (MA) lines.Meanwhile, the Stochastic Relative Strength Index (RSI) lines have fallen towards the oversold region. These leading lines of the indicator are now deflecting toward the lagging lines for a potential crossover. Should the crossover occur, the market may resume its upward retracement, but more cautious consideration is needed in this market.Downward Retracement in the USDCAD Market Looks BolsteredThe USDCAD 4-hour market suggests that bearish sentiment is increasing. This may be due to the downward retracement in the US Dollar Index (DXY) and US Treasury yields, combined with the Canadian Dollar’s benefit from improved oil prices. This hints that the Canadian dollar may be generating some headwind for the pair.Nevertheless, price action remains above the 1.3849 support level. Also, the Stochastic RSI lines are in the overbought region but are trending downward. While investors anticipate the Bank of Canada rate decision, which may strengthen the downward retracement, bearish traders can target the 1.3850 price level.Do you want to take your trading to the next level? Join the best platform for that here."}