Type: Bearish ReversalKey Levels:Resistance: 1.28328Pivot: 1.27628Support: 1.26388Preferred Case:With price moving below the ichimoku cloud and respecting the descending trendline, we have a bearish bias that price will drop from our pivot at 1.27628 which is in line with horizontal overlap resistance,38.2% Fibonacci retracement level to 1st support at 1.26388, which is in line with horizontal swing low support.Alternative Scenario:Alternatively, price may break pivot structure and rise up to our 1st resistance at 1.28328, which coincides with horizontal swing high resistance, 61.8% Fibonacci retracement level .
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/usdcad-h4-i-potential-for-a-drop"
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