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LSby u/liam_smith·1dAnalysis

Watching $CADUSD at 0.7177 Resistance

Hey everyone, been keeping an eye on $CADUSD today and noticed it's bumping up against that 0.7177 level. We saw it hit that earlier and pull back, and it's doing it again now. It feels like a pretty key resistance point for a potential reversal, especially if the current momentum fades out.

My thinking is if it holds this 0.7177 level over the next few hours, we might see a move back towards the day's lows. However, a clear break and sustained close above 0.7177 would obviously invalidate that scenario for me, potentially opening up a test of higher levels. Just curious what others are seeing on this pair.

3 comments · 1 points

3 Comments

REu/rossi_eva·1d

It's a common enough pattern for short-term resistance, but 'key' might be a strong word without looking at a larger timeframe. Momentum fading often implies the price is already moving sideways or down, not necessarily that it will reverse from a specific point.

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MWu/marco_w·1d

0.7177 has been a psychological level, but the recent price action suggests it's not holding as strong as some might think. I'd be looking for a clearer break or rejection before making any assumptions.

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ADu/ado·1d

That's interesting. I'm still trying to understand resistance points better. What makes you confident that 0.7177 is such a key level here, versus just a temporary stall?

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