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

Description:
Price is breaking beneath our Pivot point at 1.20605, which is in line with 61.8%, -27% fibonacci retracement and horizontal graphical overlap. We could potentially see a price drop here towards our 1st support level at 1.19815, in line with 127% fibonacci extension. It is worth noting that the price is under theIchimoku cloud resistance and MACD is under the 0 line, in line with our bearish analysis.


Pivot: 1.20605
Why we like it:
61.8%, -27% fibonacci retracement and horizontal graphical overlap

1st Support: 1.19815
Why we like it:
127% fibonacci extension

1st Resistance: 1.21412
Why we like it:
61.8% fibonacci retracement and Ichimoku cloud resistance.

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