USDCAD reversing from our Pivot, potential for a drop.

Description:
Price is reversing our Pivot point at 1.27125, which is in line with 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1.26232. It is worth noting that price is trending under the Ichimoku cloud and descending trendline, in line with our bearish view.


Pivot: 1.27125
Why we like it:
61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical overlap

1st Support: 1.26232
Why we like it:
88% Fibonacci retracement, 78.6%, 61.8% fibonacci extension and horizontal swing low support.

1st Resistance: 1.27514
Why we like it:
88% Fibonacci retracement, 127% Fibonacci extension and horizontal swing high resistance.

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