Watching $CADUSD at 0.7175
I'm keeping an eye on $CADUSD around the 0.7175 area. It's been range-bound for a bit, and that level seems to be acting as a minor pivot point today, with price bouncing off it from below earlier and now testing it as potential support. If it holds, we could see another push towards the 0.7180-0.7185 resistance area, but a break and sustained close below 0.7170 would invalidate that idea for me, signaling further downside potential towards 0.7150 or lower.
The daily range today has been relatively tight (0.7174–0.71813), which doesn't give a lot of conviction either way just yet. It's more of a wait-and-see situation to confirm if there's any real directional commitment coming in or if it's just noise within the current chop. Risk seems defined enough at least.
Interesting take on the 0.7175 level. I'm curious if you've looked at the DXY's strength today and how that might be influencing the CADUSD's ability to hold above that pivot.