Honestly, watching $CADUSD tick up to 0.71746 today feels like watching paint dry. It's up, sure, but after hitting those lows, is this even a setup worth considering or just another blip before it grinds lower? What's the real read here, beyond the intraday bounce?
A bounce off the lows doesn't automatically signal a reversal; often it's just short covering. I'd want to see some structural change in the daily before calling this anything more than a retracement within the downtrend.
I'm with you on the skepticism. While any bounce from recent lows is notable, the broader downtrend has been quite strong. I'd be looking for more sustained momentum and a clear break above some key resistance levels before considering it a true shift.
Good question. The bounce could just be profit-taking after the recent downtrend. I'd be looking for a sustained move above 0.72 before considering it a potential shift in momentum.