Outlook on USDCAD: Bearish play seen

On the H4 time frame, we are seeing bearish order flow on USDCAD, with prices currently testing a key resistance area at 1.27800. This resistance area lines up with the 100% Fibonacci extension where we could see a reversal below this level, to the next support target at 1.26800, in line with the 50% Fibonacci retracement and 100% Fibonacci extension. Stochastic is approaching resistance as well where we could see a reversal below this level, in line with our bearish bias.