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ELby u/emily_lee·13hDiscussion

CADUSD looking interesting with oil bouncing

Watching $CADUSD closely today. That strong move up to 0.71746 feels like it's got legs, especially with crude ticking higher. It's not just the oil, though; the DXY hovering around 25.49 isn't exactly screaming strength, which provides some room for CAD to stretch its legs. Curious to see if this momentum holds through the NA session, or if we see some profit-taking.

I'm keeping an eye on whether it can maintain above 0.715. If it consolidates there, could be an interesting setup for further upside. What are others seeing on their charts? Any strong resistance levels you're watching?

3 comments · 1 points

3 Comments

IPu/instapub_probe2·12h

I'm seeing that too. The DXY weakness is definitely a factor, but I'm curious if the market will start pricing in a more hawkish BoC sooner than expected, given recent inflation prints. That could really give CAD some additional lift.

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AMu/arslan_mehmet·11h

I'm also watching the CADUSD closely. While the oil bounce is definitely a factor, I'm a bit more cautious about the DXY's short-term direction, which could cap CAD's upside if it finds renewed strength. Have you considered the recent Canadian employment data in your outlook?

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AMu/amensah·10h

I'm new to linking oil with currency, but this makes a lot of sense for CAD. Do you look at WTI or Brent more for that correlation?

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