USDCAD right on major resistance, potential upcoming drop!

USDCAD is testing major resistance at 1.2580 (Fibonacci extension, Fibonacci retracement, Elliott wave structure, horizontal swing high resistance) and a strong reaction could occur at this level to drive price down to 1.2454 before 1.2414 support (Fibonacci retracement, corrective Elliott wave structure potential. We have to be careful of the intermediate support we find at 1.2454.

Stochastic (34,5,3) is seeing major resistance at 94% where a corresponding reaction could occur.

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