#USDCAD reversed from our Pivot, potential for a drop.

Description:
Price has reversed from our Pivot point at 1.27503, which is in line with 78.6%, 88% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical resistance. We could potentially see price drop towards our 1st support level at 1.26218. It is worth noting that price is trending within a bearish channel, under the Ichimoku cloud, in line with our bearish view. Stochastics is also showing bearish pressure as price reversed previously from the 93% level.


Pivot: 1.27503
Why we like it:
78.6%, 88% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical resistance.

1st Support: 1.26218
Why we like it:
61.8%, 100% Fibonacci extension, 78.6% fibonacci retracement and horizontal swing low support.

1st Resistance: 1.28150
Why we like it:
127%, 127% Fibonacci retracement and horizontal graphical resistance.

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