Gold,Canada & Aussie were all big opening range trades.
The last high in Canadian Futures was 73.31 2/4/16.
CAD/JPY...is trading at it’s daily ORH#. Price action and a close over 83.80 will telegraph more risk on.
Canada strength is coming out of the Oil patch.
Look for Oil to continue up into Monday.
March crude expires Monday.
With the April contract flirting with it’s 50 DMA (33.36), buying strength is not recommended.
CAD/JPY & WTI could see some profit taking at these levels.
Why…You have a 2 dollar positive spread to April which means if you have a bath tub to store the March contract for 30 days you lock in 2 dollars. Total no brain er for the big boys to buy March and sell April particularly with Cape rates having been crushed.