USDCAD is approaching our Pivot, potential for a drop.

Description:
Price is approaching our Pivot point at 1.26739, which is in line with 23.6%, 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical overlap. We could potentially drop towards our 1st support level at 1.26213. It is worth noting that price is trending under the Ichimoku Cloud and MACD is under the 0 link, in line with our bearish view.


Pivot: 1.26739
Why we like it:
23.6%, 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical overlap

1st Support: 1.26213
Why we like it:
127%, 100% Fibonacci extension and horizontal swing low support.

1st Resistance: 1.27310
Why we like it:
50%, 127% Fibonacci retracement and horizontal graphical resistance.

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