USD/CAD orders Feb 9, 2015
USD/CAD is on the defensive on Monday as oil prices climb. The pair is forming a classic, consolidation wedge pattern. The textbook interpretation is that it's a continuation pattern and that argues for buying near these levels.
Canadian housing starts were on the strong side today but some real concerns are mounting about the Canadian home market. If the economy hits a stumble, it will be time to find out just how many cracks are in the dam.
In terms of orders, there are bidders starting at 1.2420 with larger buyers at the big figure and near that trendline at 1.2380. More at 1.2350 and 1.2300.
Sellers beginning to build at 1.2500 but the larger volumes at 1.2580 and 1.2600.
