#USDCAD is below pivot, potential for a further downside

Price is reaction below our pivot level at 1.26504 which is in line with 61.8% Fibonacci retracement level and 100% Fibonacci extension level. Price could potentially drops towards support at 1.25683 which is in line with 50% Fibonacci retracement level, 78.6% Fibonacci extension and horizontal pullback support. RSI is also at resistance where previous drops occurred.
Alternatively, price may swing towards resistance at 1.27095, which coincides with 78.6% Fibonacci retracement level and 127.2% Fibonacci extension level.

Pivot:
1.26504

Why we like it:
61.8% Fibonacci retracement level and 100% Fibonacci extension level

1st Support:
1.25683
50% Fibonacci retracement level, 78.6% Fibonacci extension and horizontal pullback support

1st Resistance:
1.27095
78.6% Fibonacci retracement level and 127.2% Fibonacci extension level

Trading FX & CFDs carries high risk.