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.
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