Headline: USD/CAD Buyers Defend 1.4000 as Focus Shifts to 1.4043 Resistance
The USD/CAD pair is holding firm above the psychologically important 1.4000 handle, where buyers have consistently stepped in this week. Multiple intraday lows between 1.4000 and 1.4007 underline this area as a clear line in the sand for short-term direction, giving forex traders a defined bias and measurable risk.
Above 1.4000, the near-term technical outlook leans constructive. The first hurdle is sustaining a break above the 50% Fibonacci retracement at 1.40135, a level that has begun to underpin intraday momentum. Clearing this zone keeps buyers in control and opens the path toward a cluster of resistance near yesterday’s high, where the previously broken 38.2% retracement of the late-October advance converges with the descending 100-hour moving average around 1.4043.
As long as price action holds the 1.4000 floor, dip-buying remains the favored strategy in the short term. A decisive move below that support would invalidate the bullish bias and shift the focus back to downside risk, but for now, the Canadian dollar continues to face pressure while the US dollar maintains a bid above this key level.
Key Points: – USD/CAD repeatedly found support at 1.4000–1.4007, reinforcing a bullish intraday bias. – 1.4000 acts as the primary risk marker; a break below would negate the upside view. – First objective: hold above the 50% retracement at 1.40135 to confirm momentum. – Next target zone: around 1.4043, where the 38.2% retracement and 100-hour MA align. – Buyers remain in control while price stays above 1.4000; below it, bias turns cautious.
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