USDCAD failed to rebound in the daily demand zone. Even if it rises, the rise due to resistance can be stopped because there is a daily supply zone. In particular, as the dotted red line is a very strong support and resistance line, there may be volatility above and below this line.
If it settles above this line, the uptrend will continue and if it stays below it, it will turn into a downtrend. The weekly demand zone and monthly demand zone are highly likely to rebound, so it is recommended to take a good look.
For USDCAD, the whole wave is a monthly uptrend. Therefore, even if the weekly rising wave ends, there is a monthly rising wave, so if it rebounds in the monthly demand zone at any time and rises above the red dotted line again, the rising wave will continue.
If it settles above this line, the uptrend will continue and if it stays below it, it will turn into a downtrend. The weekly demand zone and monthly demand zone are highly likely to rebound, so it is recommended to take a good look.
For USDCAD, the whole wave is a monthly uptrend. Therefore, even if the weekly rising wave ends, there is a monthly rising wave, so if it rebounds in the monthly demand zone at any time and rises above the red dotted line again, the rising wave will continue.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.