USDCAD is approaching our first support at 1.2957 (horizontal swing low support, 61.8% Fibonacci extension, 50%, 38.2% Fibonacci retracement) and a strong bounce might occur above this level pushing price up to our major resistance at 1.3080 (horizontal swing high resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension). Stochastics (89,5,3) is also approaching support and a bounce above this level might see a corresponding rise in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.