USDCAD facing bearish pressure, potential for further downside.

Price is facing bearish pressure as it continues to hold below the moving average resistance in line with our bearish bias. We expect a medium probability bearish drop from our pivot towards our 1st support at 1.254571. Otherwise, a break above the pivot should see price swing towards 1st resistance at 1.25985. It is worth noting that MACD is also holding below the 0 line as well.

Pivot: 1.25518
Supporting Points:
38.2%, 61.8% Fibonacci retracement, 100% Fibonacci extension and graphical pullback resistance

1st Support: 1.24571
Supporting Points:
-61.8% Fibonacci retracement and 78.6% Fibonacci extension

1st Resistance: 1.25985
Supporting Points:
61.8% Fibonacci retracement and graphical swing high resistance

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