• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

ForexSchoolOnline.com

Learn to Trade Forex Online

  • Compare Brokers
    • Broker Type
      • Paypal Brokers
      • Swap-Free Brokers
      • Low Spread Brokers
      • ECN / STP Brokers
      • Market Maker Brokers
      • Non Dealing Desk Brokers
      • Low Minimum Deposit Brokers
    • Country
      • Brokers for Australia
      • Brokers for South Africa
      • Brokers for the UK
      • Brokers for the US
      • Brokers for Nigeria
    • Regulation
      • FCA Regulated Brokers
      • ASIC Regulated Brokers
      • FSCA Regulated Brokers
      • CFTC Regulated Brokers
    • Platform
      • MT4 Brokers
      • MT5 Forex Brokers
    • Strategies
      • Hedging Forex Brokers
      • Scalping Forex Brokers
      • Carry Trade Forex Brokers
      • Brokers for Indicators and EA’s
  • Start Here
    • Start Trading Guide
    • Beginner Trading Lessons
  • Free Forex Course
    • Public Login
    • Register
    • Password recovery
  • Lessons
    • Strategies
    • Videos
    • MT4 Guides
    • Money Management
  • Trade Setups
  • Tools
    • Correct Free Demo Charts
    • Forex Journal Download
    • Position Size Calculator
    • FULL List of Tools
    • Forex Demo Accounts
  • Price Action Guide
  • Free Course

USD/CAD Retraces Above Level 1.2900 but May Revisit Level 1.3167

Johnathon Fox
05/14/2022 | UPDATED ON: 05/14/2022

USD/CAD Long-Term Analysis: Bullish
USD/CAD has resumed an uptrend as it may revisit level 1.3167 . The pair broke the resistance to reach the high of level 1.3076. Presently, the upward move has been hindered at level 1.3100 resistance zone. The currency pair is retracing to the downside. The current retracement is likely to be above the breakout level of 1.2900. USD/CAD will resume  upward if it finds support above level 1.2900. Meanwhile, on May 3 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that the currency pair will rise to level 1.618 Fibonacci extension or 1.3167.


.USD/CAD Indicator Analysis
USD/CAD is at level 60 of the Relative Strength Index for period 14. The pair is trading in the uptrend zone and is capable of a further move. The price bars are above the moving averages which indicate further upward moves. USD/CAD is below the 50% range of the daily stochastic. It implies that the market is in a bearish momentum. The 21-day line and the 50-day line moving averages are sloping upward indicating an uptrend.

USD/CAD Retraces Above Level 1.2900 but May Revisit Level 1.3167
USD/CAD – Daily Chart

Technical indicators:
Major Resistance Levels – 1.3300, 1.3400, 1.3500
Major Support Levels – 1.2300, 1.2200, 1.2100

What Is the Next Direction for USD/CAD?
On the 4-hour chart, USD/CAD is in a smooth uptrend as it may revisit level 1.3167. The currency price is making a series of higher highs and higher lows. A bullish trend line is drawn showing the support level of prices. The uptrend is ongoing as long as the price bars are above the moving averages or the trend line. The uptrend is assumed terminated when price breaks below the moving averages or the trend line.

USD/CAD Retraces Above Level 1.2900 but May Revisit Level 1.3167
USD/CAD – 4 Hour Chart


Note: 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

Recommended Broker

  • Broker
  • Min Deposit
  • Benefits
  • Score
  • Visit Broker

$200

T&Cs Apply
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
5
Trade Now FreeBets Reviews
Reviews

About Johnathon Fox

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.

View all posts by Johnathon Fox →
Previous Post: « USDJPY: Preparing For an Upward Move
Next Post: EURCHF Is Pushing to Attain Higher Price Levels »

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Forex School Online

High Probability Price Action Trading

How to make, manage and take profit from trades in the markets

Start Learning (It's Free!)

Turn Your Trades into Winners!

The Price action course is the in-depth advanced training on assessing, making and managing high probability price action trades.

Sign up for Free!

Recommended Broker

  • Broker
  • Min Deposit
  • Benefits
  • Score
  • Visit Broker

$200

T&Cs Apply
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
5
Trade Now FreeBets Reviews
Reviews

Footer

Get Our FREE Course, Bonus Strategies & Indicators!
X
Join Us Now!

Your capital is at risk.

X

CORNERSTONE LESSONS

Forex Trading for Beginners

Price Action Trading

How to Trade Forex

Technical Analysis

Forex Charts

Forex Trading Strategies

Money Management 

Compare Brokers

Best Forex Brokers

Forex Demo Accounts

Best Forex Trading Platforms

Forex Apps

Swap Fee Accounts

MT4 Brokers

CATEGORIES

Forex Videos

Trading Lessons

Weekly Trade Ideas

Start Here Guide

ForexSchoolOnline.com helps individual traders learn how to trade the Forex market

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature so you must consider the information in light of your objectives, financial situation and needs.

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. This website is free for you to use but we may receive a commission from the companies we feature on this site.

We Introduce people to the world of currency trading. and provide educational content to help them learn how to become profitable traders. we're also a community of traders that support each other on our daily trading journey

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.

Finixio Ltd, Tower 42, 25 Old Broad Street, London EC2N 1HN | [email protected]

Copyright © Forex School Online - Finixio Ltd Company no. 11705811 - Sitemap  - Privacy Policy - Disclaimers & Terms of Use - CONTACT US