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

Description:
Price is approaching our Pivot point at 1.26285, which is in line with 61.8% fibonacci retracement, 161.8% fibonacci extension, descending trendline resistance and horizontal graphical area. We could potentially see price drop here towards our 1st support level at 1.24218, a fibonacci confluence. It is worth noting that price is trending beneath a descending trendline, in line with our bearish analysis.


Pivot: 1.26285
Why we like it:
61.8% fibonacci retracement, 161.8% fibonacci extension, descending trendline resistance and horizontal graphical area

1st Support: 1.24212
Why we like it:
78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing low.

1st Resistance: 1.27003
Why we like it:
-27% Fibonacci retracement, 200% fibonacci extension and horizontal graphical swing high.

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