Title

USDCAD H4  | Bearish Reversal

Type

Bearish Reversal

Preference:

The price is approaching the pivot of 1.3493, which acts as a pullback resistance. A reversal at this point might cause the price to fall to the 1st  support level at 1.2443, a pullback support close to the 78.6% Fibonacci retrtacement.

Alternative Scenario: 

Should the price break above the pivot, it may rise to the 1st  resistance level at 1.3545, which serves as a pullback resistance.