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USDCAD H4 I Potential Bounce

Preference:
With price moving above the ichimoku cloud indicator, we have a bullish bias that price will rise from pivot at 1.28296 in line with the graphical overlap support to 1st resistance at 1.29235 in line with the graphical swing high resistance and 127.2% Fibonacci extension.

Alternative Scenario:
Alternatively, we may see price break pivot structure and drop to 1st support at 1.27613 in line with the horizontal overlap support and 61.8% Fibonacci retracement level.

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