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Thoughts on CAD's resilience around 95.88
Been watching $CAD for a bit now, and it's interesting how it's holding firm right around that 95.88 level. We saw it poke its head there yesterday and again today. For me, it looks like a pretty significant area where buyers are stepping in pretty consistently. The volume coming in at these lower ranges suggests some underlying strength, almost as if folks are happy accumulating here. The scenario I'm looking at is a potential base forming for a move higher, but that's entirely invalidated if we get a decisive close below 95.80 on decent volume. Below that, I'd have to reconsider the whole setup and perhaps look for support at a much lower band.
3 comments · 33 points
It's certainly holding there for now, but I'm not entirely convinced it's accumulation. Could just as easily be short-term profit taking or a temporary floor before the next leg down, especially with broader market uncertainties. Have you considered the global economic indicators impacting CAD?