#USDCAD approaching pivot, potential for a drop!

Description
Price is reacting below our pivot level at 1.2948 which is in line with horizontal swing high resistance. Price can potentially take support at 1.27657, which is in line with 50.0% Fibonacci retracement level and horizontal overlap support. Alternatively, price may rise up to our resistance at 1.30432, which coincides with 161.8% Fibonacci retracement level and horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.

Pivot:
1.29480
Why we like it:
horizontal swing high resistance

1st Support:
1.27657
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap support

1st Resistance:
1.30432
Why we like it:
161.8% Fibonacci retracement level and horizontal swing high resistance

Trading FX & CFDs carries high risk.