USDCAD currency pair recently reversed up from the pivotal support level 1.24600 (former monthly low from the end of February) – intersecting with the lower daily Bollinger Band. The upward reversal from the support level 1.24600 stopped the previous sharp downward impulse wave (iii) from the end of last month. Given the strength of the support level 1.24600, the oversold reading on the daily Stochastic as well as the bullish divergence on the daily Stochastic indicator – USDCAD currency pair can be expected to rise further toward the next resistance level 1.25750.