USDCAD showed a bearish breakout, potential for drop

Description:
Price has shown a bearish breakout from our Pivot point at 1.26461, which is in line with 78.6% Fibonacci retracement, 127%, 100% Fibonacci extension and horizontal graphical area. We could potentially see price retest the broken pivot area and drop towards our 1st support level at 1.25478. It is worth noting that price is trending under the Ichimoku cloud and MACD is under the 0 line, in line with our bearish view.


Pivot: 1.26461
Why we like it:
78.6% Fibonacci retracement, 127%, 100% Fibonacci extension and horizontal graphical area

1st Support: 1.25478
Why we like it:
-61.8%, 127% Fibonacci extension and -27% fibonacci retracement

1st Resistance: 1.27055
Why we like it:
88% Fibonacci retracement, 50% fibonacci extension and horizontal graphical resistance.

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