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

Description:
Price is approaching our Pivot point at 1.25698, which is in line with 78.6% fibonacci retracement, 61.8%, 161.8% fibonacci extension, descending trendline resistance and horizontal swing high. We could potentially see price drop here towards our 1st support level at 1.25258, 88% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support. It is worth noting that price is under the moving average, in line with our bearish analysis.


Pivot: 1.25698
Why we like it:
78.6% fibonacci retracement, 61.8%, 161.8% fibonacci extension, descending trendline resistance and horizontal swing high

1st Support: 1.25258
Why we like it:
88% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support

1st Resistance: 1.26642
Why we like it:
100% Fibonacci extension, 127% fibonacci retracement and horizontal graphical swing high.

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