Bullish outlook on USDCAD: 18 August 2022

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On the H4 time frame, prices are testing a key resistance area at 1.2940 in line with the 23.6% Fibonacci extension as well as the 50% Fibonacci retracement. We could see further downside in prices, with 1.2320 as our support target, which coincides with the 100% Fibonacci retracement . Ichimoku cloud is also showing signs of bearish momentum, in line with our bearish bias.