USDCAD facing bearish pressure, potential for further downside.

Price is facing bearish pressure as it continues to hold below the descending trendline resistance in line with our bearish bias. We expect a medium probability bearish drop from our pivot towards our 1st support at 1.25213. Otherwise, a break above the pivot should see price swing towards 1st resistance at 1.27119. It is worth noting that the Stochastic indicator has just reversed from the upper resistance level where it has reacted from before as well.

Pivot: 1.26446
Supporting Points:
61.8% Fibonacci retracement, 127.2% Fibonacci extension and graphical swing high resistance

1st Support: 1.25213
Supporting Points:
76.4% Fibonacci retracement, 78.6% Fibonacci extension and graphical pullback support

1st Resistance: 1.27119
Supporting Points:
127.2% Fibonacci retracement and graphical swing high resistance

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