USDCAD reversed from Pivot point. Potential for drop.

Description:
Price has reversed from our Pivot at 1.26906 and is holding under the 23.6%, 50% fibonacci retracement and the moving average. We see a medium probability bearish scenario for a drop below the pivot towards 1st support at 1.26423 as a possible target. Otherwise, should price fail to hold under our Pivot, we could see price swing the other way towards our 1st resistance at 1.27211. It’s worth noting that price is trending under the moving average as well as descending trendline, in line with our bearish view. MACD is also under the 0 line.

Pivot: 1.26906
Supporting Points:
23.6%, 50% fibonacci retracement and the moving average resistance.

1st Support: 1.26423
Supporting Points:
100% fibonacci extension and -61.8% Fibonacci retracement.

1st Resistance: 1.27211
Supporting Points:
78.6%, -61.8% fibonacci retracement, 61.8% fibonacci extension, descending trendline resistance and horizontal graphical resistance.
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