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USDCAD, H4 I Potential Bullish Bounce

Preference:

With price approaching the graphical horizontal support which aligns with the support of the ichimoku cloud and 61.8% Fibonacci retracement level at our pivot of 1.27319, we are bias for a bounce up from there to 1st resistance at 1.28382 in line with the horizontal overlap resistance.

Alternative Scenario:

Alternatively, we may see price break pivot and ichimoku structure and drop to 1st support at 1.26796 in line with the 78.6% Fibonacci retracement.

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