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Thoughts on USDCAD and the 1.4000 Level
Been watching $USDCAD this week, and that 1.4000 psychological level is certainly getting a lot of attention. We saw it poke above 1.4050 today, hitting 1.40586 before pulling back a bit. I'm curious if anyone else is seeing a potential struggle to firmly hold above 1.4000, or if this current push is indicating a more sustained move.
My read is that a solid close and continuation above 1.4000 would be a pretty clear signal for further upside, perhaps towards the 1.41 area. However, if we see a rejection around these levels, maybe dropping back below 1.4000 and failing to regain it quickly, then the recent strength could easily unwind. Just my thoughts, still trying to get a read on the market's conviction here.
1 comments · 6 points
It does feel like 1.4000 is acting as strong resistance rather than support at this point. I'm seeing a lot of sellers step in each time it tests above, which suggests it might need a significant catalyst to break and hold higher. What's your take on potential catalysts?