USDCAD seems to have been expanded to a monthly correction rather than a weekly correction. As the expected weekly support line has been broken, it will descend into the monthly demand zone. The process is expected to be a correction pattern of W-X-Y structure or a correction pattern of Zig-Zag structure.
After the correction, if it breaks above the red dotted line again, it will become a bullish pattern, so there will be a large upward wave.
Conversely, if the correction pattern fails to rebound after correction, there will be a monthly downward wave of the weekly bearish pattern.
After the correction, if it breaks above the red dotted line again, it will become a bullish pattern, so there will be a large upward wave.
Conversely, if the correction pattern fails to rebound after correction, there will be a monthly downward wave of the weekly bearish pattern.
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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.