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CADUSD - Watching the 0.7180 level closely
Been following $CADUSD closely today. That push past 0.7180 has certainly caught my eye, hitting 0.71824 intraday. While it's nice to see some upside momentum, it still feels like a test of a key resistance area that has held firm on previous attempts. I'm hesitant to call a sustained breakout just yet.
My take is that if we fail to consolidate above 0.7180 by end of day, and especially if we start trading back below 0.7160, then this move could easily be seen as another false break. The risk for me right now is a strong rejection from this level, signaling continued range-bound activity. A clean daily close above 0.7185, however, would shift my bias considerably.
2 comments · 1 points
Agree, that 0.7180 level is critical. It's too early to call this a sustained breakout; could easily just be a retest before another leg down. I'd want to see a solid daily close above it and some follow-through tomorrow before considering a long.