USDCAD Finds Support, Bounce Incoming (Target)

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.
  

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Comment:

Going as planned.

Trade closed: stop reached

Trade closed: target reached