USDCAD approaching our Pivot, potential for a drop.

Description:
Price is approaching our Pivot point at 1.26120, which is in line with 38.2%, 61.8%, 61.8% Fibonacci retracement, descending trendline resistance and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1.25633. It is worth noting that price is trending under the descending trendline and Ichimoku cloud, in line with our analysis.


Pivot: 1.26120
Why we like it:
38.2%, 61.8%, 61.8% Fibonacci retracement, descending trendline resistance and horizontal graphical overlap

1st Support: 1.25633
Why we like it:
127%, -68% Fibonacci retracement, 88% fibonacci extension and horizontal swing low support.

1st Resistance: 1.27460
Why we like it:
38.2%, 50% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance.

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