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

Description:
Price is approaching our Pivot point at 1.23038, which is in line with 61.8% and 23.6% fibonacci retracement. We could potentially see price drop here towards our 1st support level at 1.22562, in line with -27% fibonacci retracement and 78.6% fibonacci extension. It is worth noting that price is under the moving average, in line with our bearish analysis.


Pivot: 1.23038
Why we like it:
61.8% and 23.6% fibonacci retracement

1st Support: 1.22562
Why we like it:
-27% fibonacci retracement and 78.6% fibonacci extension

1st Resistance: 1.23430
Why we like it:
50%, 127% fibonacci retracement and moving average resistance.

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