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

Description:
Price is approaching our Pivot point at 1.27703, which is in line with 50% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical overlap area. We could potentially see price drop towards our 1st support level at 1.26668. It is worth noting that price is trending under the EMA(34) and Stochastics (21,5,3) is showing bearish pressure in line with our analysis.


Pivot: 1.27703
Why we like it:
50% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical overlap area

1st Support: 1.26668
Why we like it:
100% Fibonacci extension

1st Resistance: 1.28327
Why we like it:
88% Fibonacci retracement, 200% Fibonacci extension and horizontal graphical resistance.

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