USDCAD is not trading well. We have seen a high level of turnover, with selling accounting for 55% of our flow. The bulk of the supply is from leveraged and real money names. According to Precdicted Markets, “there have been 25 times since October 2012 when – as is now the case – USDCAD has finished a Monday showing net gains of 0.25% or less. Of the 25, only 1 went on to close the next day with net losses of more than 60 pips. The equivalent level on Tuesday is 1.1175.” It’s now 1.1172.