USD/CAD rose on Monday as traders sold off risk around the globe. The oil markets fell, and as a result the demand for Canadian dollars fell. However, we feel that the recent consolidation area should hold for the time being. This pair is known for going sideways for long periods of time, and that is what makes it a great short-term trading pair.
EUR/USD fell hard at the open on Monday, but talk of a possible agreement between Greece and the "Troika", or the IMF, EU, and ECB on getting their second bunch of cash in order to meet funding demands. The resulting candle is a hammer, and it looks like there might be a push to fill the gap from the open. However, the smart money is certainly waiting to sell any significant rallies as the agreement, if it is real - is only a short-term solution in a much larger problem.
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