#USDCAD, H4 approching pivot, potential for bearish reversal

Description

Price is reacting below key pivot level of 1.24871 where we have 78.6% Fibonacci extension level & horizontal swing high resistance lining up. A drop below this level might see price take support at 1.22524, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.2654, which coincides with 161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance. This is further supported by how price is likely to reverse off the Stochastic resistance level.

Pivot:
1.24871

Why we like it:
78.6% Fibonacci extension level & horizontal swing high resistance

1st Support:
1.22524
78.6% Fibonacci retracement level & horizontal swing low support

1st Resistance:
1.26540
161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.