I think the problem is in the Anaconda version that you are using. You should install Anaconda 2 (32 bit) not Anaconda 3 (32 bit). ArcGIS 10.4 works with python 2 which is 2.7 and 3.6 as you indicated in your question. 

I am using Anaconda 2 (32 bit) and specifically Spyder and I do not have any problem in importing arcpy module. I am setting up the following path in the environment:

    C:\Program Files (x86)\ArcGIS\Desktop10.4\bin
    C:\Program Files (x86)\ArcGIS\Desktop10.4\arcpy
    C:\Program Files (x86)\ArcGIS\Desktop10.4\ArcToolBox\Scripts 

Also please note that in this path: `C:\Program Files (x86)\ArcGIS\Desktop10.4\arcpy`, arcpy should starts with small `a` and `p` not capital `A` and `P` as in your question.