USDCAD approaching Pivot point. Potential for a bounce.

Description:
Price is approaching our Pivot at 1.26745, where we see a medium probability bullish scenario for a rise above the pivot towards 1st resistance at 1.27464 as a possible target. Otherwise, should price fail to hold above our Pivot, we could see price swing the other way towards our 1st support at 1.26301. It’s worth noting that the price is facing bullish pressure from Stochastics where it has previously bounced from the 5.95% level.

Pivot: 1.26745
Supporting Points:
78.6% Fibonacci retracement, 50% Fibonacci extension and graphical swing low support

1st Support: 1.26301
Supporting Points:
127.2% Fibonacci extension and graphical swing low support

1st Resistance: 1.27464
Supporting Points:
161.8% Fibonacci extension and graphical swing high resistance

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