USDCAD, H4 has reversed from our Pivot, potential for a drop.
140
Description: Price has reversed from our Pivot point at 1.21638, which is in line with 38.2% fibonacci retracement and 61.8% fibonacci extension. We could potentially see a price drop here towards our 1st support level at 1.20789, in line with 78.6% fibonacci retracement and horizontal swing low. It is worth noting that the price is under the moving average, in line with our bearish analysis.
Pivot: 1.21638 Why we like it: 38.2% fibonacci retracement and 61.8% fibonacci extension
1st Support: 1.20789 Why we like it: 78.6% fibonacci retracement and horizontal swing low.
1st Resistance: 1.22351 Why we like it: 61.8% fibonacci retracement and 127% fibonacci extension