USDCAD facing bearish pressure, potential for further downside.

Price is facing bearish pressure as it continues to hold below the moving average and descending trendline resistances in line with our bearish bias. We expect a medium probability bearish drop from our pivot towards our 1st support at 1.25408. Otherwise, a break above the pivot should see price swing towards 1st resistance at 1.26397. It is worth noting that MACD is also holding below the 0 line, in line with our analysis.

Pivot: 1.25976
Supporting Points:
38.2% Fibonacci retracement, 61.8% Fibonacci extension and graphical overlap resistance

1st Support: 1.25408
Supporting Points:
-27.2% Fibonacci retracement and 61.8% Fibonacci extension

1st Resistance: 1.26397
Supporting Points:
127.2% Fibonacci extension and graphical swing high resistance

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