USDCAD H4 | Bearish reaction off 78.6% fibo

TitleUSDCAD H4 | Bearish reaction off 78.6% fiboTypeBearish ReversalPreference:Price is approaching our pivot point at 1.3333, and could potentially have a bearish reversal here to the 1st support level at 1.32789. This is supported by the 78.6% fibo projection and 38.2% fibo retracement levels, indicating that there is fibo confluence.Alternative scenario:If price breakrs above the pivot, price could head towards the 1st resistance at 1.3405, where there is the 127.2% fibo extension.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.