USDCAD, H4 testing our Pivot point, potential for a drop.

Description:
Price is testing our Pivot point at 1.27496, which is in line with 78.6%, -27% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1.26882. It is worth noting that price is trending under the Ichimoku cloud and descending trendline, which are showing bearish pressure in line with our analysis.


Pivot: 1.27496
Why we like it:
78.6%, -27% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap

1st Support: 1.26882
Why we like it:
127% Fibonacci extension, -68% Fibonacci retracement and horizontal graphical support area.

1st Resistance: 1.28064
Why we like it:
23.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap.

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