Title
USDCAD H4 | Rising into resistance?

Type
Bearish Reversal

Preference:

Price is rising towards the pivot point of 1.34846 which is a swing-high resistance that aligns with the 61.8% Fibonacci projection level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 1.33823 which is an overlap support that aligns close to the 38.2% Fibonacci retracement level.

Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance at 1.35353 which is a resistance level that aligns with the 127.2% Fibonacci extension level.

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