USDCAD is under our Pivot, potential for a drop.

Description:
Price is under our Pivot point at 1.25426, which is in line with 38.2%, 23.8% Fibonacci retracement and 61.8% fibonacci extension. We could potentially see price drop towards our 1st support level at 1.24854, a fibonacci confluence. It is worth noting that price is trending under the moving average, in line with our bearish analysis.


Pivot: 1.25426
Why we like it:
38.2%, 23.8% Fibonacci retracement and 61.8% fibonacci extension

1st Support: 1.24854
Why we like it:
-27% Fibonacci retracement and 127% fibonacci extension

1st Resistance: 1.27460
Why we like it:
50% and 78.6% Fibonacci retracement.

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