#USDCAD reversing towards our Pivot, potential for a drop.

Description:
Price is showing reversal towards our Pivot point at 1.27458, which is in line with 38.2%, 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1.26637. It is worth noting that price is trending within a bearish channel, in line with our bearish view.


Pivot: 1.27458
Why we like it:
38.2%, 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap

1st Support: 1.26637
Why we like it:
127% Fibonacci extension and 61.8%, -27% fibonacci retracement

1st Resistance: 1.27825
Why we like it:
88%, -27% Fibonacci retracement, 61.8% fibonacci extension and horizontal swing high resistance.

Trading FX & CFDs carries high risk.