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

Description:
Price is approaching our Pivot point at 1.27268, which is in line with 38.2% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical overlap area. We could potentially see price drop towards our 1st support level at 1.26641. It is worth noting that price is trending under the Ichimoku cloud and MACD is under 0, which are showing bearish pressure in line with our analysis.


Pivot: 1.27268
Why we like it:
38.2% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical overlap area

1st Support: 1.26641
Why we like it:
100% Fibonacci extension and -27% Fibonacci retracement

1st Resistance: 1.27730
Why we like it:
78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical overlap resistance.

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