USDCAD Short term trend in sideway movement
**Weekly Chart**
After the Ring Low formation on 25th Dec 2023 weekly chart, the USDCAD moved higher creating bullish weekly candles for 6 consecutive weeks. This is a strong confirmation that Ring Low formation near demand zones plays a critical role in higher time frames.
**Daily Chart**
A similar Ring Low formation appeared on Daily Chart. USDCAD is still moving higher ahead of CAD Economic news this week. Therefore, I plan to wait for a reversal confirmation around 1.36000 level which is the previous liquidity pool before taking a trade.
After the Ring Low formation on 25th Dec 2023 weekly chart, the USDCAD moved higher creating bullish weekly candles for 6 consecutive weeks. This is a strong confirmation that Ring Low formation near demand zones plays a critical role in higher time frames.
**Daily Chart**
A similar Ring Low formation appeared on Daily Chart. USDCAD is still moving higher ahead of CAD Economic news this week. Therefore, I plan to wait for a reversal confirmation around 1.36000 level which is the previous liquidity pool before taking a trade.
Join our PropSignals Channels on Telegram
t.me/PropsignalAE
t.me/PropsignalAE
Related publications
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.