USDCAD H4 | Potential bounce off confluence zone

TitleUSDCAD H4 | Potential bounce off confluence zoneTypeBullish BouncePreference:Price is currently at our pivot point of 1.31218 which aligns with a 78.6% Fibo projection and 127.2% Fibo extension. A reverse from here, price could rally to 1st resistance at 1.31892 which is a pullback resistance levelAlternative scenario:However, if price break below the pivot, it could fall to 1st support at 1.30819 which aligns with a 161.8% Fibo extensionTo discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.