Since the beginning of the year, the currency pair gained almost 4.5% but last week alone rose more than 2.0% and made a phase change, shifting from an accumulation to a bullish phase. Last week the USDCAD rallied with a wide range and closed near the high of the week, in addition the currency pair managed to close above the previous week high, which suggests a strong bullish momentum. The stochastic is showing an overbought market although is still displaying a strong bullish momentum. The currency pair is now making new highs for 2018 as it approaches a weekly resistance at 1.3154 that may prove to be a tough nut to crack, so the pair may bounce from it making a small retracement before getting ready for another leg up. Expecting a downward move to a Fibonacci retracement at 1.2927 on a bounce from a weekly resistance at 1.3154 (scenario 1) although a bounce from other Fibonacci retracement at 1.2927 could set in motion another upward move to the last Fibonacci retracement at 1.3384 (scenario 2).