USDCAD, H4 is approaching our Pivot point, potential for a drop
Description:
Price is approaching our Pivot point at 1.27777, which is in line with 78.6%, 61.8% Fibonacci retracement, EMA resistance and horizontal graphical overlap area. We could potentially see price drop towards our 1st support level at 1.26881. It is worth noting that price is trending under the Ichimoku cloud and EMA (55), which are showing bearish pressure in line with our analysis.
Pivot: 1.27777
Why we like it:
78.6%, 61.8% Fibonacci retracement, EMA resistance and horizontal graphical overlap area
1st Support: 1.26881
Why we like it:
100%, 78.6% Fibonacci extension and horizontal support area
1st Resistance: 1.28031
Why we like it:
78.6% Fibonacci retracement and horizontal swing high resistance.
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