USDCAD, H4 is approaching our Pivot, potential for a drop.

Description:
Price is pulling back towards our Pivot point at 1.22309, which is in line with 38.2%, 61.8% fibonacci retracement and 100% fibonacci extension. We could potentially see a price drop here towards our 1st support level at 1.21422, in line with 161.8% fibonacci extension and horizontal swing low. It is worth noting that the price is under the moving average, in line with our bearish analysis.


Pivot: 1.22309
Why we like it:
38.2%, 61.8% fibonacci retracement and 100% fibonacci extension

1st Support: 1.21422
Why we like it:
161.8% fibonacci extension and horizontal swing low

1st Resistance: 1.22779
Why we like it:
61.8% fibonacci retracement, 161.8% fibonacci extension and moving average resistance.

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