USDCAD testing resistance, potential for a drop!

USDCAD is testing resistance at 1.2946 (38.2% Fibonacci retracement, horizontal swing high resistance) where it has the potential to drop to its 1st support at 1.2834 (horizontal swing low support) or to its 2nd support at 1.2762 (38.2% Fibonacci retracement, 61.8% Fibonacci retracement, 61.8% Fibonacci extension, horizontal pullback support, Elliot wave structure). We have identified another resistance at 1.3002 (61.8% Fibonacci retracement, horizontal overlap resistance).

Stochastic (21, 5, 3) is approaching its resistance at 97.6% where a corresponding reaction could occur.