We have some confluence there -- see the chart below. I'm interested to see how price action shapes up at that level; I may be interested in putting on some short trades if there are some strong signs of reversal candlesticks at that confluence level. One counter-argument, though, is the upward trendline still intact, and that price is still above the 50 simple moving average (Steven Primo's buy/sell indicator). If we see a reversal at 1.0290, though, I think that may strengthen the case for 1.0405 being a high and a key turning point.
USD/CAD" width="970" height="729">
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