Iota¹ Cancri is a yellow giant (4.0) accompanied by a bluish companion (6.6) -- position angle 307º and separation 30.4". The binary system is known as Struve 1268. The companion is a good test for binoculars; you should have no trouble with 10x50s or larger.

Iota forms the end (or 'claw') of the upper leg -- the poor beast only has three!

To find iota, place gamma (the northeast corner of the square surrounding the Beehive Cluster) at the bottom of your glasses. Now move due north one full field of view: binoculars.

You're near the top of the constellation, near Lynx. In fact moving from iota up through the sigma Cancri stars is a convenient way to find Lynx: binoculars.