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

Description:
Price is approaching our Pivot point at 1.28746, which is in line with 61.8%, 38.2% Fibonacci retracement, 161.8% Fibonacci extension and descending trendline resistance. We could potentially see price drop towards our 1st support level at 1.27716. It is worth noting that price is trending under the descending trendline and Stochastics (21,5,3) is showing divergence, which is showing bearish pressure in line with our analysis.


Pivot: 1.2812874627
Why we like it:
61.8%, 38.2% Fibonacci retracement, 161.8% Fibonacci extension and descending trendline resistance

1st Support: 1.27716
Why we like it:
88% Fibonacci extension and horizontal graphical support.

1st Resistance: 1.29265
Why we like it:
61.8% Fibonacci retracement and horizontal graphical overlap.

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