This is the second scenario.
USDCAD has broken its daily uptrend support line, so a weekly correction process may begin from now on. Then we might have to look at the correcction process on a larger time frame.
It will decline until the end of the year, show a weekly rebound early next year in the monthly demand zone, and then decline again from February.
Of course, if the rebound continues in the monthly demand zone, there will be a monthly uptrend.
USDCAD has broken its daily uptrend support line, so a weekly correction process may begin from now on. Then we might have to look at the correcction process on a larger time frame.
It will decline until the end of the year, show a weekly rebound early next year in the monthly demand zone, and then decline again from February.
Of course, if the rebound continues in the monthly demand zone, there will be a monthly uptrend.