{"id":5126,"date":"2021-03-18T08:01:00","date_gmt":"2021-03-18T08:01:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=5126"},"modified":"2021-03-18T10:47:24","modified_gmt":"2021-03-18T10:47:24","slug":"usdcad-technical-analysis-1-2200-highly-possible","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-1-2200-highly-possible\/","title":{"rendered":"USDCAD Technical Analysis &#8211; 1.2200 highly possible"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5126\" class=\"elementor elementor-5126\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a716a93 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a716a93\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-56f610f\" data-id=\"56f610f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-aa02a0b elementor-widget elementor-widget-text-editor\" data-id=\"aa02a0b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The US dollar took another beating against the Canadian dollar currency yesterday after the Federal Reserve economic projection revealed that the US central bank will not be raising US interest rates until 2024.<\/p><p>Moments after the FOMC policy statement and FED Dot Plots were released the greenback crumbled against all the major currencies, which in turn sent the heavily under fire <a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\" rel=\"noopener\">USDCAD<\/a> pair to a fresh two-year trading low.<\/p><p>In the hours leading up to the Federal Open Market Committee policy meeting the USDCAD pair staged a relief rally back towards the 1.2500 handle, following weaker-than-expected Consumer Price inflation data from the Canadian economy.<\/p><p>Traders quickly shrugged-off the soft number and placed their focus back on selling rallies in the USDCAD pair, which has been a highly lucrative trade for short-term USDCAD bears since November last year.<\/p><p>In terms of where the USDCAD pair heads now, the short and medium-term prospects look pretty bleak. The technicals on both the lower and higher time frames are pointing to a pending run towards the 1.2200 support region before the pair has any type of meaningful price retracement.<\/p><p>What is particularly noteworthy is the retail sentiment towards the USDCAD pair has been heavily bullish over recent months. The ActivTrader platform market sentiment tool has been flagging that traders have running against the prevailing trend for some considerable time now.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-52a500f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"52a500f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8ba3a6b\" data-id=\"8ba3a6b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f509f25 elementor-widget elementor-widget-image\" data-id=\"f509f25\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"295\" height=\"107\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/usdcad-chart-2.png\" class=\"attachment-large size-large wp-image-5147\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-296ccd2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"296ccd2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0d0da13\" data-id=\"0d0da13\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9d2d737 elementor-widget elementor-widget-text-editor\" data-id=\"9d2d737\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>A staggering 87 percent of traders are currently bullish towards the USDCAD pair, meaning that the crowd is leaning heavily against the bearish trend, and these traders feeling a large degree of pain as the pair slump to fresh multi-year lows. In short, expect the pain trade to continue while this sentiment extreme remains in play.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p><p><strong>USDCAD Short-Term Technical Analysis<\/strong><\/p><p>The four-hour time frame shows that a large, inverted head and shoulders pattern has been invalidated, placing the USDCAD pair in a very tough spot technically until the pattern reaches the invalidation target.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a705c21 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a705c21\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c7544dd\" data-id=\"c7544dd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-edee6f1 elementor-widget elementor-widget-image\" data-id=\"edee6f1\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"340\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/USDCAD-4H-3.png\" class=\"attachment-large size-large wp-image-5150\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0b28a2f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0b28a2f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-dcfe498\" data-id=\"dcfe498\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8f37b4b elementor-widget elementor-widget-text-editor\" data-id=\"8f37b4b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-abca97a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"abca97a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0930169\" data-id=\"0930169\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2ab4b71 elementor-widget elementor-widget-text-editor\" data-id=\"2ab4b71\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>According to the size of the pattern the USDCAD pair could fall towards the 1.2200 level. With the USDCAD setting fresh multi-year lows the pair is now basically clear of meaningful long-term support until the 1.2280 region.<\/p><p><strong>USDCAD Medium-Term Technical Analysis<\/strong><\/p><p>Looking at the daily time chart, the USDCAD pair appears to be making its way towards the bottom of a massive falling wedge pattern. Falling wedge patterns are known to be amongst the most powerful bullish reversal pattern.<\/p><p>Bulls currently have few options but to wait until the pair reaches the bottom of the wedge pattern, which is located close to 1.2200 level. Traders are likely to sell any meaningful rallies back towards the 1.2450 to 1.2480 region in expectation of more weakness in the USDCAD pair.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6bbaa5f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6bbaa5f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6f0cf27\" data-id=\"6f0cf27\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7a5b06f elementor-widget elementor-widget-image\" data-id=\"7a5b06f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"344\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/USDCAD-1D-4.png\" class=\"attachment-large size-large wp-image-5148\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6d9fd02 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6d9fd02\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-105358c\" data-id=\"105358c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3e95128 elementor-widget elementor-widget-text-editor\" data-id=\"3e95128\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The US dollar took another beating against the Canadian dollar currency yesterday after the Federal Reserve economic projection revealed that the US central bank will not be raising US interest rates until 2024. Moments after the FOMC policy statement and FED Dot Plots were released the greenback crumbled against all the major currencies, which in [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":5145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,9],"tags":[42,69,102,31],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>USDCAD Technical Analysis - 1.2200 highly possible - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-1-2200-highly-possible\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USDCAD Technical Analysis - 1.2200 highly possible\" \/>\n<meta property=\"og:description\" content=\"The US dollar took another beating against the Canadian dollar currency yesterday after the Federal Reserve economic projection revealed that the US central bank will not be raising US interest rates until 2024. Moments after the FOMC policy statement and FED Dot Plots were released the greenback crumbled against all the major currencies, which in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-1-2200-highly-possible\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-18T08:01:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-18T10:47:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/photo-1579641183539-08770719d0ae.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"667\" \/>\n\t<meta property=\"og:image:height\" content=\"347\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-1-2200-highly-possible\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-1-2200-highly-possible\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"USDCAD Technical Analysis &#8211; 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