USDCAD has reversed from our Pivot point, potential for a drop

Price has reversed off our Pivot point at 1.30285 which is in line with our 78.6% Fibonacci extension, 38.2% Fibonacci retracement and horizontal swing high resistance. We could potentially see price drop further, towards our 1st support level at 1.29286. It is worth noting that the descending trendline and Ichimoku cloud are showing bearish pressure in line with our analysis.

Trading FX & CFDs carries high risk.