USDCAD, D1 has reversed from our Pivot, potential for a drop.

Description:
Price has reversed from our Pivot point at 1.27107, which is in line with 61.8%, 78.6% Fibonacci retracement, descending trendline resistance and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1.24937, a fibonacci confluence. It is worth noting that price is trending under the descending trendline, in line with our bearish analysis.


Pivot: 1.27107
Why we like it:
61.8%, 78.6% Fibonacci retracement, descending trendline resistance and horizontal graphical overlap

1st Support: 1.24937
Why we like it:
61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support.

1st Resistance: 1.28566
Why we like it:
161.8% Fibonacci retracement, 127%, 100% fibonacci extension and horizontal swing high resistance.

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