FXCM

USDCAD facing bearish pressure | 04 August 2021

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD is currently approaching the swing high resistance in line with the 100% Fibonacci extension and the 38.2% Fibonacci retracement . We can expect price to reverse off this level and take support at the horizontal swing low which is in line with 61.8% Fibonacci extension and 61.8% Fibonacci retracement . Our bearish bias is further supported by how price is holding below the Ichimoku cloud .

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