Thoughts on EURCAD and that 1.607 level
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Been watching $EURCAD for a bit now, and that 1.607 level is really starting to get interesting. We've seen it act as pretty strong support on a few occasions recently, and the retest here looks like it's holding up again, at least for now. I'm not calling a bottom by any means, but the reaction we're getting at this specific price point is notable.
Now, the risk here is obviously a clean break below 1.607. If we get a sustained push through that, especially on any kind of volume, then this whole idea of it holding as support goes out the window pretty quick. Below that, I'd be looking at a much deeper retracement, probably towards the 1.600 psychological level or even lower. Just my two cents on what I'm seeing out there.
