#USDCAD approaching pivot, potential for a drop!

Description :
On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 1.26939 which is in line with horizontal swing high resistance and 38.2% Fibonacci retracement to 1st support at 1.26234, which is in line with horizontal swing low support and 78.6% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.27301, which coincides with horizontal swing high resistance and 61.8% Fibonacci retracement.

Pivot:
1.26939
Why we like it:
Horizontal swing high resistance and 38.2% Fibonacci retracement

1st Support:
1.26234
Why we like it:
Horizontal swing low support and 78.6% fibonacci retracement

1st Resistance:
1.27301
Why we like it:
Horizontal swing high resistance and 61.8% Fibonacci retracement

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