USDCAD, is reversing from our Pivot point. Potential for drop.

Description:
Price is reversing from our Pivot at 1.28605 and is holding under a fibonacci confluence zone and descending trendline. We see a medium probability bearish scenario for a drop below the pivot towards 1st support at 1.28164 as a possible target. Otherwise, should price fail to hold under our Pivot, we could see price swing the other way towards our 1st resistance at 1.28902.

Pivot: 1.28605
Supporting Points:
61.8% Fibonacci retracement and 61.8% Fibonacci extension

1st Support: 1.28164
Supporting Points:
78.6% fibonacci extension, -61.8% Fibonacci retracement and horizontal swing low support

1st Resistance: 1.28902
Supporting Points:
100% Fibonacci extension, 61.8%, 127% fibonacci retracement and horizontal graphical overlap.
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