USDCAD H4: Bearish outlook seen, reversal below 1.2890

On the H4 time frame, prices are approaching the resistance zone at 1.2890, in line with the Fibonacci confluence levels where we could see further downside below this zone to the intermediate support target at 1.2780 which coincides with the graphical support. A break below the 1.2780 intermediate support target could provide the bearish acceleration to the support area at 1.2680. Prices are holding below the Ichimoku cloud indicator as well, supporting the bearish bias.