Cash is all relative to where you are in life.
My wife is retired, and I am tapering out working 3 days a week on average.
Aim to be fully retired in a few more years.
Mid last Summer into October things were looking too good for too long to me.
I sold down equity positions, loaded up on bond funds, and kept some cash in non reg, tfsa and rrsp accounts equal to 2 years of core living expenses.
As present holdings spin dividends and income I reinvest to keep the bond and equity holdings in the ranges of holdings I am presently aiming at.
If I quit or get laid off if a recession bites hard we are not forced to sell anything for 2 years. We have a pretty hefty savings at the moment, so this cash level is not a huge loss of investing share