#USDCAD approaching pivot, potential for a drop!

Description
Price is reacting below our pivot level at 1.23807 which is in line with 50.0% Fibonacci retracement level & horizontal swing low support. Price can potentially take support at 1.2305, which is in line with 127.2% Fibonacci extension level horizontal swing high resistance. Alternatively, price may rise up to our resistance at 1.24037, which coincides with 78.6% Fibonacci retracement level horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Pivot:
1.23807
Why we like it:
50.0% Fibonacci retracement level & horizontal swing low support

1st Support:
1.23050
Why we like it:
127.2% Fibonacci extension level horizontal swing high resistance

1st Resistance:
1.24037
Why we like it:
78.6% Fibonacci retracement level horizontal swing high resistance

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