USDCAD facing bearish pressure, potential for more downside!

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Prices are facing bearish pressure from descending trendline resistance as well as pivot which coincides with 127.2% Fibonacci retracement. Prices might push down further to 1st support level which coincides with 127.2% Fibonacci retracement and 127.2% Fibonacci extension. If prices break through pivot and the descending trendline, prices might push up to 1st resistance where it coincides with 50% Fibonacci retracement. Ichimoku cloud is also above prices, showing bearish pressure on prices