USDCAD is testing our Pivot, potential for a rise.

Description:
Price is testing our Pivot point at 1.26425, which is in line with 38.2% Fibonacci retracement, 61.8%, 61.8% fibonacci extension and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1.25750, a fibonacci confluence. It is worth noting that price is trending under the descending trendline, in line with our bearish analysis.


Pivot: 1.26425
Why we like it:
38.2% Fibonacci retracement, 61.8%, 61.8% fibonacci extension and horizontal graphical overlap

1st Support: 1.25270
Why we like it:
61.8%, -61.8% Fibonacci retracement and 100% fibonacci extension

1st Resistance: 1.27650
Why we like it:
50% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap.

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