USDCAD, H4 has reversed from our Pivot, potential for a drop.

Description:
Price has reversed from our Pivot point at 1.21135, which is in line with 61.8% fibonacci retracement and 61.8% fibonacci extension. We could potentially see a price drop here towards our 1st support level at 1.20477, in line with -61.8% fibonacci extension and 100% fibonacci extension. It is worth noting that the price is under the Ichimoku cloud and MACD is below 0 line, in line with our bearish analysis.


Pivot: 1.21135
Why we like it:
61.8% fibonacci retracement and 61.8% fibonacci extension

1st Support: 1.20477
Why we like it:
-61.8% fibonacci extension and 100% fibonacci extension

1st Resistance: 1.21517
Why we like it:
127% fibonacci retracement and 127% fibonacci extension

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