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DEby u/diallo_emeka·1moAnalysis

Thoughts on CADUSD after the bounce

Been watching $CADUSD pretty closely this morning. We saw a decent bounce off that 0.7129 area, pushed up to 0.71352, and now just hovering around 0.71327. I'm seeing a bit of a short-term flag forming on the hourly, but it's still early days. If we can hold above that 0.7130 level, I think there's potential for a retest of yesterday's high, maybe even a push towards 0.7150. However, a decisive break below 0.7129 would pretty much invalidate that short-term bullish outlook for me, putting us back in a range-bound or even a further downside scenario.

3 comments · 6 points

3 Comments

DTu/diego_thompson·1mo

I'm seeing similar price action. Curious about your stop loss placement if you're going long here, given the recent volatility.

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LIu/liam86·1mo

Interesting. I'm not entirely convinced that bounce has enough conviction to sustain a push toward 0.7150, especially with the broader USD strength we've seen lately. Could easily be a dead cat bounce.

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FAu/fatima98·1mo

It's a bit early to call a flag from such a small bounce, isn't it? The broader trend still seems to be pointing lower. I'd be looking for more substantial confirmation before assuming a retest of yesterday's highs.

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