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

Description:
Price is currently heading towards our Pivot point at 1.28897, which is in line with 78.6% Fibonacci extension and 23.8% Fibonacci retracement. We could potentially see price drop towards our 1st support level at 1.28096. It is worth noting that the Ichimoku cloud and descending trendline are showing bearish pressure.


Pivot: 1.28897
Why we like it:
78.6% Fibonacci extension and 23.8% Fibonacci retracement

1st Support: 1.28096
Why we like it:
-27% and 127% Fibonacci retracement

1st Resistance: 1.29136
Why we like it:
61.8% Fibonacci extension and 38.2% Fibonacci retracement

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