USDCAD is rebounding in the daily demand zone. The bottom must never be broken again to allow for a continual uptrend.
In particular, a break above the red dotted line can lead to an uptrend, but it can act as resistance pressure as it is currently below the dotted line.
If the rebound fails in the daily demand zone, the shape becomes a large correction pattern, so a downward wave may occur. Therefore, please pay close attention to the action in the red dotted line.
In particular, a break above the red dotted line can lead to an uptrend, but it can act as resistance pressure as it is currently below the dotted line.
If the rebound fails in the daily demand zone, the shape becomes a large correction pattern, so a downward wave may occur. Therefore, please pay close attention to the action in the red dotted line.
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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.