Thoughts on CADUSD and that 0.718 Resistance
Been watching $CADUSD pretty closely these last few days. We've seen a decent bounce from the recent lows, and it feels like there's some underlying strength trying to push through. However, that 0.718 area continues to be a tough nut to crack. We tested it again today, getting as high as 0.71798, and it just seems to be holding as significant resistance. If we can get a sustained close above 0.718, say a daily close, I'd view that as a pretty strong signal for further upside potential. Conversely, a clear rejection from this level, especially if we start to drift back towards the 0.716 area, would make me reconsider the immediate bullish bias. The risk for me right now is if we fail to hold any gains above 0.717 and instead roll over, perhaps driven by broader USD strength or weaker crude. It's a key pivot point for me.
Ah, 0.718, the Everest of CADUSD, apparently. It's almost impressive how consistently it manages to repel any serious attempts at ascent. One has to wonder if there's a tiny, very stubborn gnome sitting right on that line, guarding it with an oversized, imaginary sword.