USDCAD, H4 has reversed from our Pivot, potential for a drop.

Description:
Price has reversed from our Pivot point at 1.26262, which is in line with 61.8% Fibonacci retracement and 61.8% fibonacci extension. We could potentially see price drop towards our 1st support level at 1.25318, a fibonacci confluence. It is worth noting that price is trending under the descending trendline, in line with our bearish analysis.


Pivot: 1.26262
Why we like it:
61.8% Fibonacci retracement and 61.8% fibonacci extension

1st Support: 1.25318
Why we like it:
78.6%, -27%, -68% Fibonacci retracement and 161.8% fibonacci extension

1st Resistance: 1.27133
Why we like it:
78.6%, 78.6%, 127% Fibonacci retracement, descending trendline resistance and horizontal swing high resistance.

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