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

Description:
Price is approaching our Pivot point at 1.24265, which is in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. We could potentially see price drop here towards our 1st support level at 1.23402, in line with 100% fibonacci extension. It is worth noting that price is under the Ichimoku clouds, in line with our bearish analysis.


Pivot: 1.24265
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap

1st Support: 1.23402
Why we like it:
100% fibonacci extension

1st Resistance: 1.24839
Why we like it:
61.8%, 78.6% fibonacci retracement and horizontal graphical overlap.

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