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

Description:
Price is approaching our Pivot point at 1.25488, which is in line with 38.2%, 61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. We could potentially see price drop here towards our 1st support level at 1.24749, in line with 61.8% fibonacci retracement, 100% fibonacci extension and horizontal swing low support. It is worth noting that price is under the Ichimoku clouds, in line with our bearish analysis.


Pivot: 1.25488
Why we like it:
38.2%, 61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap

1st Support: 1.24749
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal swing low support

1st Resistance: 1.25805
Why we like it:
161.8% Fibonacci extension and Ichimoku cloud resistance.

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