USDCAD facing bullish pressure | 22nd July 2021

Price is resting above the ascending trendline which is in line with the 1st support, 61.8% Fibonacci retracement, 161.8% Fibonacci extension as well as the horizontal swing low support. Price is likely to bounce and rise to at least the 1st resistance level which is in line with the 61.8% Fibonacci extension level as well as the swing high resistance. Alternatively, price may break below the ascending trendline and drop to the 2nd support which is in line with the 78.6% Fibonacci retracement as well as the horizontal swing low support. Our bullish bias is further supported by how the Stochastic is shown to be approaching and likely to bounce off the hidden support level.

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