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USDCAD, H4 | Potential Bearish Reversal

Preference:
With price approaching the resistance of the stochastics indicator, we have a bearish bias that price will drop from pivot at 1.29494 in line with the graphical swing high resistance to 1st support at 1.28445 in line with the horizontal swing low support and 61.8% Fibonacci retracement.

Alternative Scenario:
Alternatively, price may break pivot structure structure and head for 1st resistance at 1.29831 in line with the 127.2% Fibonacci extension and horizontal swing high resistance.

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