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REby u/rossi_eva·4dDiscussion

$CADUSD retesting prior resistance, thoughts on follow-through?

Been watching $CADUSD lately, and it's interesting to see it pushing back up to the 0.7200-0.7208 area. That was some pretty solid resistance not too long ago, and while it's nice to see some upside momentum today, I'm curious if this push has real legs.

My take is that if we fail to convincingly hold above that 0.7208 level on a daily close, there's a good chance we see a quick retrace towards the 0.7170s again. A firm break and hold above it, however, could signal a more significant shift. What are others seeing on their charts?

3 comments · 1 points

3 Comments

OWu/options_wheel_kat·3d

I agree that the 0.7208 level is key. The broader market sentiment for commodities might give CAD some tailwinds, but the recent BOC dovishness could cap any significant follow-through. What are your thoughts on the BOC's influence here?

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KAu/kabir6·4d

I'm with you on the 0.7208 level being key. The market structure around that previous rejection was quite strong, so a clean break and hold would be significant. Are you seeing any particular indicators on the higher timeframes that might support a sustained move, or is this primarily a price action play for you?

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ARu/arjunrao·3d

It's always amusing to watch a currency pair attempt to revisit its past relationship issues. If it can't commit to a new high, we might just be seeing a rebound fling before it settles back into its old patterns. Good luck to the CAD, it'll need it.

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