Watching CADUSD at this 0.7170-0.7180 area, potential for a fade
Been keeping an eye on $CADUSD today and it's certainly had a decent run up into this 0.7170-0.7180 zone. We just hit 0.7177 a bit ago, which is pretty close to yesterday's high and a level that acted as some resistance a few sessions back. I'm not seeing a massive amount of conviction breaking through here just yet. The bounce from 0.7131 was strong, but now it feels like we're pressing against something.
My thinking is that if we can't decisively clear 0.7180 and hold above it over the next couple of hours, we could see some profit-taking or a fade back towards 0.7150. The risk, of course, is a clean break above 0.7180 on sustained volume, which would probably invalidate this short-term resistance idea and potentially open up a move towards 0.7200+. Just sharing what I'm looking at, interested to hear if anyone else is watching this pair today.