USD/CAD continues to inch toward the late-2017 high. How high could trade push it?

1.2920 is the level to watch

Less than 3 hours remain in the trading week, so any break higher might be hollow at this point, but a break above 1.2920 (or not) is likely to be a big story in the FX market next week.

Technically, it would be a major break. 1.2920 held three times late last year before a drop to 1.2250 a month ago.

Since then, the pair has ripped 700 pips higher on the combination of trade worries and soft Canadian economic data.

If USD/CAD breaks higher on some kind of dire trade news: Like the US leaving NAFTA or retaliatory tariffs from Canada, then I think the next leg higher could be quick and dramatic.

1.34 in a hurry.

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