#USDCAD is reacting below pivot, potential for a drop

Price is reaction below our pivot level at 1.29135 which is in-line with 127.2% Fibonacci retracement level and 100% Fibonacci extension level. Price could potentially drops towards support at 1.27910 which is in-line with 23.6% Fibonacci retracement level, 61.8% Fibonacci extension and horizontal pullback support. Stochastic is also at resistance where previous drops occurred.
Alternatively, price may swing towards resistance at 1.30455, which coincides with 161.8% Fibonacci retracement level and 127.2% Fibonacci extension level.

Pivot:
1.29135

Why we like it:
127.2% Fibonacci retracement level and 100% Fibonacci extension level

1st Support:
1.27910
23.6% Fibonacci retracement level, 61.8% Fibonacci extension and horizontal pullback support

1st Resistance:
1.30455
161.8% Fibonacci retracement level and 127.2% Fibonacci extension level

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