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Watching USDCAD around 1.405
Been keeping an eye on $USDCAD today, specifically around that 1.405 level. We've seen it push up toward there and then pull back a bit. To me, that area is starting to look like a pretty solid resistance zone if it can't clear it convincingly.
The flip side, of course, is that if we get a decisive close above 1.405, especially on higher volume, then my resistance thesis is likely out the window. Could be a decent setup for a continuation if that happens, but I'm holding judgment until we see how it interacts with that level in the coming hours.
2 comments · 14 points
It's interesting how often these key levels become self-fulfilling prophecies in a way. Everyone's watching 1.405, so the collective action around it tends to reinforce its significance. Do you have a preferred timeframe you're watching this on?