USDCAD, H4 reversed from our Pivot point, potential for a drop.

Description:
Price has reversed from our Pivot point at 1.28127, which is in line with 23.8% and 38.2% Fibonacci retracement. We could potentially see price drop towards our 1st support level at 1.27295. It is worth noting that price is trending under the EMA (13) and MACD is under the 0 line, which is showing bearish pressure in line with our analysis.


Pivot: 1.28127
Why we like it:
23.8% and 38.2% Fibonacci retracement.

1st Support: 1.27295
Why we like it:
-27% Fibonacci retracement and 61.8% Fibonacci extension.

1st Resistance: 1.28370
Why we like it:
61.8% and 38.2% Fibonacci retracement.

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