Watching CADCHF at this range after the recent leg up
Been keeping an eye on $CADCHF for a bit now. We've seen a pretty decent push higher over the last few weeks, and it's currently trading around 0.58432. What's catching my attention is how it's reacting within this 0.5830-0.5860 area. It feels like we're consolidating after that move, and I'm looking for some clarity here.
From a technical perspective, if we can hold above 0.5830, particularly if we get a retest and a bounce, it could suggest a continued move towards that 0.59 handle. However, a sustained break below 0.5830, especially if accompanied by increased volume, would definitely make me reconsider that bullish lean. That would be the level I'd mark as invalidation for any further upside potential in the near term, potentially opening the door for a retest of earlier support around 0.5780.
I'm seeing similar consolidation. Do you anticipate a further push up if it breaks 0.5860, or a retracement to find a new support?