USDCAD: consolidation before the publication of the number of housing starts in Canada

February 9, 2015

USDCAD

Sell on a level breakthrough of 1.2470 with 1.2391 target. Stop loss = 1.2520.

Reason for the trading strategy

Today at 13.15 GMT, the number of housing starts in Canada will be published. The growth rate from 180 thousand to 184 thousand expected in January will probably provide support for the Loonie. At a breakthrough of the 1.2470 support level, opening short positions for the USD/CAD pair is worth considering

USDCAD, H4

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