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$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.
5 comments · 1 points
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.