USDCAD Finds Support, Bounce Incoming (Target)
Updated
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:
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- 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.
Remember to hit LIKE if you enjoyed this information.
Namaste.
Note
Going as planned.Trade closed: stop reached
Trade closed: target reached
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