USDCAD - Watching the 1.40 Handle
Been keeping an eye on $USDCAD and it's certainly had an interesting week. The push higher has definitely stalled around the 1.4000-1.4020 zone. For me, that 1.40 level is pretty significant psychologically and also aligns with some prior resistance on the daily chart from earlier this year. I'm seeing it as a key decision point here. If we get a sustained break above 1.4020, particularly on decent volume, I'd consider the path clearer for a move towards the 1.4080-1.4100 area.
Conversely, a strong rejection here, perhaps a close back below 1.3980, would put the brakes on this most recent rally and suggest a potential retest of the 1.3930 support. My bias is slightly bullish given the recent momentum, but that 1.4020 level is the line in the sand for now. It feels like we're due for some consolidation or a definitive move from this pivot.
Ah, the ever-elusive 1.40 handle. It's almost as if it's mocking us from afar, isn't it? I'm curious if you're leaning more towards a rejection or a breakthrough, given the current indecision.