USDCAD has bounced off weekly demand zone

Price has touched a weekly demand zone and bounced higher. You will see the wick has perfectly respected the demand zone on the weekly chart.

Following our higher time frame analysis, we should expect price to continue to push higher from the weekly demand zone. If price can break through the daily supply zone this would confirm the uptrend.

Aggressive traders may look to trade these levels on the 4hr chart.

Happy trading.

Commento:

For those that took a sell trade at the daily supply zone, start to take profit off as we re-test the weekly supply zone. Price is too close to supply zone to consider any sell trades.

Buying at the weekly demand zone is preferred, unless of course price pushes straight through.