USDCAD is approaching our first resistance at 1.3442 (ascending channel resistance, 61.8% fibonacci extension, horizontal swing high resistance) and a strong drop might occur below this level pushing price down to our major support at 112.66 (horizontal swing low support, 61.8% fibonacci extension, 76.4% fibonacci retracement). Stochastic (34,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks