#USDCAD approaching pivot, potential for a drop!

Description
Price is reacting below our pivot level at 1.24971 which is in line with 127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal swing high resistance. Price can potentially take support at 1.24124, which is in line with 78.6% Fibonacci retracement levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 1.25582, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.

Pivot:
1.24971
Why we like it:
127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal swing high resistance

1st Support:
1.24124
Why we like it:
78.6% Fibonacci retracement levelhorizontal swing low support

1st Resistance:
1.25582
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap resistance

Trading FX & CFDs carries high risk.