USDCAD, H4 I Potential Drop


Type: Bearish ReversalKey Levels:Resistance: 1.2606Pivot: 1.2547Support: 1.24574Preferred Case:With price moving below the Ichimoku cloud, we have a bearish bias that price will drop from our pivot at 1.2547 which is in line with horizontal overlap resistance and 38.2% Fibonacci retracement to 1st support at 1.24574, which is in line with horizontal overlap support and 100% Fibonacci projection level.Alternative Scenario:Alternatively, price may break pivot structure and head for 1st resistance at 1.2606, which coincides with horizontal overlap resistance and 61.8% Fibonacci retracement.

Source: Tickmill

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