USDCAD is approaching our Pivot, potential for a drop.

Description:
Price is approaching our Pivot point at 1.27258, which is in line with 61.8%, 78.6% Fibonacci retracement, 88% fibonacci extension, descending trendline resistance and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1.25001, a fibonacci confluence. It is worth noting that price is trending under the descending trendline, in line with our bearish analysis.


Pivot: 1.27258
Why we like it:
61.8%, 78.6% Fibonacci retracement, 88% fibonacci extension, descending trendline resistance and horizontal graphical overlap

1st Support: 1.25001
Why we like it:
88%, -61.8% Fibonacci retracement and 61.8% fibonacci extension

1st Resistance: 1.28373
Why we like it:
88%, 161.8% Fibonacci retracement and horizontal swing high.

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