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

Description:
Price is approaching our Pivot point at 1.25457, which is in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and descending trendline resistance. We could potentially see price drop here towards our 1st support level at 1.24925, in line with 88% fibonacci extension and horizontal swing low support. It is worth noting that price is under the Ichimoku clouds and descending trendline, in line with our bearish analysis.


Pivot: 1.25457
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and descending trendline resistance

1st Support: 1.24925
Why we like it:
88% fibonacci extension and horizontal swing low support

1st Resistance: 1.25764
Why we like it:
127% fibonacci retracement, 100% Fibonacci extension and Ichimoku cloud resistance.

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