USDCAD is approaching Pivot. Potential for a reversal.

Price is approaching our Pivot at 1.27720, where we see a medium-probability bearish scenario for a reversal from Pivot and a further push down towards 1st support at 1.27378 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 1.27879. 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: 1.27720
Supporting Points:
38.2% Fibonacci extension, 23.6% Fibonacci retracement and graphical overlap resistance

1st Support: 1.27378
Supporting Points:
-27.2% Fibonacci retracement and graphical swing low support

1st Resistance: 1.27879
Supporting Points:
78.6% Fibonacci extension, 50% Fibonacci retracement and graphical pullback resistance

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