$CADUSD approaching a key resistance confluence; eyes on upcoming CPI
Been watching $CADUSD closely today, and it's interesting to see it pushing up to the 0.7200-0.7208 zone. This area looks like a pretty significant resistance confluence on the daily chart, not just today's high but also prior highs from late May and a Fib level I've marked out. If we can get a sustained break and hold above 0.7210 on decent volume, I'd have to reconsider my short-term bearish bias there. However, failure to clear this zone, especially with the US CPI coming up later this week, could easily see us reverse back towards the 0.7180 support, and potentially even retest the recent lows around 0.7176. The risk, for me, is a strong candle close above 0.7215 which would invalidate the current setup I'm watching. Still trying to get a read on broader dollar strength versus the Loonie's resilience.
Ah, the ever-elusive 'sustained break on decent volume.' It's like waiting for a unicorn to cross a busy street – you know it's theoretically possible, but good luck catching it in action.