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

Description:
Price has reversed from our Pivot point at 1.21638, which is in line with 38.2% fibonacci retracement and 61.8% fibonacci extension. We could potentially see a price drop here towards our 1st support level at 1.20789, in line with 78.6% fibonacci retracement and horizontal swing low. It is worth noting that the price is under the moving average, in line with our bearish analysis.


Pivot: 1.21638
Why we like it:
38.2% fibonacci retracement and 61.8% fibonacci extension

1st Support: 1.20789
Why we like it:
78.6% fibonacci retracement and horizontal swing low.

1st Resistance: 1.22351
Why we like it:
61.8% fibonacci retracement and 127% fibonacci extension

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