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

Description:
Price is currently reversing from our Pivot point at 1.25954, which is in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical area. We could potentially see price drop here towards our 1st support level at 1.24620, a fibonacci confluence. It is worth noting that the MACD line has just crossed the signal line, hinting of a reversal in line with our analysis.


Pivot: 1.25954
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical area

1st Support: 1.24620
Why we like it:
61.8% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap.

1st Resistance: 1.27069
Why we like it:
88% Fibonacci retracement, descending trendline resistance and horizontal graphical overlap.

Trading FX & CFDs carries high risk.