CAD strength testing recent highs, eyes on 95.879
Been watching the $CAD futures contract ($6C) pretty closely this past week. We've seen a decent bounce from the lows, consolidating what looks like an attempt to push higher. The current level of 95.879, which was a recent daily high, is clearly acting as significant resistance now. It's not just a number, you can see the rejections there.
My take is that if we can get a sustained break above 95.879, and I mean a clear daily close comfortably above it, then we've got a shot at pushing towards 96.20 and potentially higher. The setup suggests bullish continuation if that level breaks. However, the risk here is pretty straightforward: a failure to breach 95.879, especially if we see another strong rejection candle, would likely send us back down to retest the 95.50-95.60 area. That would invalidate the current bullish momentum I'm seeing for a potential breakout. It's a key inflection point right now; just gotta wait and see what price does there.
While 95.879 is a clear hurdle, the sustained break you're looking for might need more than just one daily close above it. Volume on any such move would be telling.