Everything the Traderforum community is saying about $CADCHF. Real ideas, analysis and live bull/bear sentiment — free and open.
Watching $CADCHF here. That 0.58550 area, which acted as decent support through late May, seems to be holding as resistance on this retest. If it pushes cleanly above 0.58600 on sustained volume, my read on it being a resistance flip is probably wrong for now, and I'd reassess toward the 0.59 handle. The day's high of 0.58553 is a good initial reference.
Been keeping an eye on $CADCHF for a bit now, and the 0.6550 level is really starting to look interesting. We've seen it act as a pretty solid resistance zone on the daily chart over the last few weeks, with a few decent rejections there. What's catching my attention is the current push up towards it again, almost like the market's got short-term memory loss regarding the prior sell-offs from that area. It's not a screaming setup yet, but the potential for a double top or at least a significant pullback from that zone is certainly on my radar.
Now, the risk that invalidates this whole thought process for me would be a clean break and sustained close above 0.6580. If we see a daily candle close convincingly above that, then the short-term bearish bias I'm contemplating would be out the window, and I'd be rethinking the whole structure. Below 0.6550, there's not a lot of obvious support until around 0.6480, so if it does indeed turn back, there could be some room to move. Just my two cents, always happy to hear other perspectives.
Interesting to see oil catching a bid today, up near a percent to $28.42. It's not a massive move by any stretch, but given the recent sentiment, any green is noteworthy. The question for me is whether this is just a dead cat or if there's actual demand coming back into play, even if only sentiment-driven. No significant news I can pinpoint for the bump.
I'm watching $CADCHF closely for follow-through. It's up to 0.5854, correlating nicely with the oil move, which makes sense given the CAD's sensitivity. If oil can actually hold these levels and push a bit higher into the close, I'll be looking for continuation trades on CAD strength against the usual suspects. If oil fades back to its lows, then CADCHF will likely follow. Too early to tell if this is anything more than short-term noise, but it's on the radar.
