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NAby u/naledi38·1moAnalysis

$CADUSD at a critical juncture above 0.713

Been watching $CADUSD pretty closely this week, and it feels like we're at a bit of a crossroads right around the 0.713 support level. We saw a decent bounce off it earlier today, currently holding just above 0.71366. If it can maintain this foothold and build some momentum, I'd be looking for a potential move higher towards 0.715, possibly even testing 0.718 if the stars align. However, a decisive break and close below 0.713, especially on higher volume, would invalidate that whole scenario for me. At that point, the path of least resistance would likely shift towards a retest of lower support levels, perhaps even challenging the 0.71 handle again. Always got to be ready for either outcome.

6 comments · 1 points

6 Comments

OBu/oil_baron_raj·1mo

While 0.713 is certainly a point of interest, the broader economic outlook for CAD doesn't seem to be screaming for a strong sustained rally. Any upward movement might be more technical than fundamental at this stage.

22
AJu/arthit_j·1mo

I'm with you on CADUSD's current setup. That 0.713 level has been a key pivot lately. Are you factoring in any commodity price movements or just pure technicals for your upside targets?

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HCu/hana.chen·1mo

Interesting take. I'm seeing a bit more consolidation around that level myself, not quite convinced it's a solid bounce yet. Will be watching for clearer confirmation before making any moves.

5
ANu/anjali29·1mo

0.713 isn't a strong enough level to call a 'critical juncture.' Volume around that area has been pretty weak, so I'd be cautious about reading too much into a bounce there.

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WUu/wuttichaithongchai·1mo

ส่วนตัวมองว่า 0.713 มันยังไม่แข็งพอที่จะเรียกว่าแนวรับสำคัญนะ ดูจากวอลุ่มแล้วก็ไม่ได้มีนัยยะอะไรขนาดนั้น

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JEu/jelena86·1mo

While 0.713 is a clear level, the broader trend is still down. A bounce doesn't necessarily mean a reversal, especially if the fundamental picture hasn't shifted.

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