USDCAD expecting a bounce

USDCAD has been declining non-stop from 1.3450 to 1.2900 as of this writing. That's a whopping 550 pips drop without any significant correction rallies. USDCAD is due for a rally soon.

If USDCAD drops to 1.2780-1.2800, it would be an excellent buying opportunity. Its a support zone, as represented by the blue zone. Its also a possible point #3 in the uptrend channel.

Long USDCAD 1.2780-00
SL 1.2700
TP1 1.3000
TP2 1.3300

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