FX.co ★ USDCAD likely to face bullish pressure on the H4

Price is currently holding and likely to bounce off the ascending trendline at the 1.25138 price level. This level is also in line with the 61.8% Fibonacci retracement and the 161.8% Fibonacci extension. We can expect price to rise up to the 1st resistance at the horizontal swing high resistance which is in line with the 38.2% Fibonacci retracement level. Alternatively, price may make a bearish breakout to the downside to take support at 1.24405 which is in line with a horizontal overlap support and a 78.6% Fibonacci retracement.