#USDCAD, H4 is trending beneath our Pivot, potential for a drop.

Description:
Price is trending beneath our Pivot point at 1.20862, which is in line with 50% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. We could potentially see a price drop here towards our 1st support level at 1.19987, in line with 161.8 % fibonacci retracement, 100% fibonacci extension and horizontal swing low support. It is worth noting that the price is under the Ichimoku cloud resistance and descending trendline, in line with our bearish analysis.


Pivot: 1.20862
Why we like it:
50% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap

1st Support: 1.19987
Why we like it:
161.8 % fibonacci retracement, 100% fibonacci extension and horizontal swing low support

1st Resistance: 1.21309
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal swing high resistance.

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