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Long

USDCAD Finds Support, Bounce Incoming (Target)

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD Has found support at Dec. 3rd lows. There are several signals that are pointing to an upcoming bounce. Let's take a quick look:

  • USDCAD had a very strong decline and stopped at Dec. 3rd low prices. This is marked yellow on the chart.
  • We have a Morning star pattern that formed on the last three closed candles.
  • The MACD is curving up with a bullish crossover, histogram moving in favor of the bulls.
  • Price is hovering around the lower end of the Bollinger Bands .
  • RSI is coming out of oversold.
  • A bounce can be expected after these signals show up. Target is marked purple on chart.
  • Gray dotted line marks the stop loss.

Thanks a lot for reading.

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Namaste.
Comment: Going as planned.
Trade closed: stop reached
Trade closed: target reached
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Nice, but need to hit 1.3140 before heading up.
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