USDCAD - Watching that 1.4115 resistance
Been keeping an eye on $USDCAD today. We're currently sitting around 1.40934 and it's been a grind higher, but that 1.4115 level is proving stubborn. It's the daily high and also lines up with a previous swing high from a few weeks back.
I'm not calling a top or anything crazy, but if we can't decisively punch through 1.4115, I'd expect some mean reversion back towards the 1.4066 area, maybe even lower if the momentum really wanes. The risk to this idea, obviously, is a strong break and hold above 1.4115. If we get a sustained push above that, then this short-term resistance becomes a support, and my whole idea for a pullback is probably out the window. Just something I'm watching closely.
Yeah, that 1.4115 level is definitely significant. I'm wondering if a clean break above it, even a small one, could trigger some stops and give it the momentum to push higher, or if it's truly a brick wall for now.