USDCAD stretches above 1.4000 for first time since April 10 ...Middle East

The earlier dip in price found support at 1.3977, the April 15 swing high, where buyers leaned in and reasserted control. That successful retest reinforced the bullish bias and helped fuel the move back toward and through 1.4000.

While the break above 1.4000 is constructive, buyers still have work to do. A sustained move above the 200-day moving average, and ultimately the 1.40525 retracement level, is needed to confirm a stronger upside shift. For now, momentum remains with the buyers.

This article was written by Greg Michalowski at www.forexlive.com.

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