USD/CAD holds huge level

USD/CAD has been in a steep down trend on the H4 as of recently but this is potentially the end as it has now reached a big level and seems to be holding. The daily chart  still holds an up trend and this could be a good buy on a pull back. It has been bouncing off the 20 EMA and if it breaks it is a very good indication of a pivotal point. With the level between the 23.6 and the 38.2 fibs, if it does retrace it may stall at the 23.6 before breaking again.