USDCAD approaching pivot, potential for a drop.

Price is facing bearish pressure as it continues to hold below the descending trendline. We expect a medium probability bearish drop from our pivot towards our 1st support at 1.27229. Otherwise, a break above the pivot should see price swing towards 1st resistance at 1.27506. It is worth noting that MACD is holding below the 0 line, in line with our bearish bias.

Pivot: 1.27229
Supporting Points:
61.8% Fibonacci retracement, 78.6%, 100% Fibonacci extension and graphical swing high resistance

1st Support: 1.26441
Supporting Points:
76.4% Fibonacci retracement, 61.8% Fibonacci extension and graphical pullback support

1st Resistance: 1.27506
Supporting Points:
127.2% Fibonacci extension and graphical swing high resistance

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