USDCAD reversed from Pivot. Potential for further downside.

Price has just reversed from our Pivot at 1.27430, where we see a medium-probability bearish scenario for a further push down towards 1st support at 1.26903 as a possible target. Otherwise, should price fail to hold below our Pivot, we could see price swing the other way towards our 1st resistance at 1.27821. It's worth noting that price is holding below both the descending trendline resistance and the Ichimoku cloud, in line with our bearish bias.

Pivot: 1.27430
Supporting Points:
23.6%, 38.2% Fibonacci retracement, 78.6% Fibonacci extension and graphical overlap resistance

1st Support: 1.26903
Supporting Points:
-27.2% Fibonacci retracement, 100% Fibonacci extension and graphical swing low support

1st Resistance: 1.27821
Supporting Points:
78.6% Fibonacci extension, 50% Fibonacci retracement and graphical swing high resistance

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