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$USDCAD: Watching the 1.4005 level for a bounce
The $USDCAD pair has been testing the 1.4005 support zone today, which was a pretty solid resistance previously. If it holds, I'm anticipating a potential move back towards the day's high around 1.404. A break and sustained close below 1.4000 would invalidate that scenario for me, suggesting further downside.
1 comments · 2 points
That's an interesting setup. I'm still learning about support/resistance flips. Do you typically wait for a clear bounce before entering, or do you sometimes get in earlier if the price action looks strong?