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

Description:
Price is reversing from our Pivot point at 1.27982, which is in line with 61.8%, 78.6%, 127% Fibonacci retracement, moving average resistance and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1.27074. It is worth noting that price is trending under the moving average, which is showing bearish pressure in line with our analysis.


Pivot: 1.27982
Why we like it:
61.8%, 78.6%, 127% Fibonacci retracement, moving average resistance and horizontal graphical overlap

1st Support: 1.27074
Why we like it:
88% Fibonacci extension, 76.4% Fibonacci retracement and horizontal swing low support.

1st Resistance: 1.28346
Why we like it:
78.6%, 161.8%, -27% Fibonacci retracement and horizontal graphical resistance.

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