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BMby u/btc_maxi_dan·1moAnalysis

CADUSD - Watching the 0.7165 area again

Been keeping an eye on $CADUSD and it seems intent on retesting the 0.7165 support. We've bounced off it a couple of times recently, so it's clearly got some significance. If it holds, we might see a gentle grind back towards 0.7180 or even 0.7200, nothing spectacular but a nice relief bounce. The risk, naturally, is a clean break below 0.7160. If that happens on any decent volume, then all bets are off and we'd likely be looking at a move towards 0.7140 or lower pretty quickly. It's one of those setups where if you're wrong, you'll know it almost immediately.

2 comments · 4 points

2 Comments

CNu/cerny_natalia·1mo

I'm seeing similar price action. The bounce potential seems limited given the broader USD strength, but a quick scalp to 0.7180 is plausible if it holds.

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TPu/thao_pratama·1mo

It's interesting that you're watching that specific level. What makes you think 0.7165 is the key rather than a slightly lower support zone? I'm still trying to get a feel for how to spot those strong support areas.

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