US: Factory Orders falls -2.0% in January

TD Securities analysts see the GBP/CAD consolidating near the recent lows: “GBP/CAD’s dip and close back around the low yesterday, leaving a long upper shadow on the daily candle range after the intraday push towards 1.56 suggests a slightly softer undertone to the GBP/CAD trade”, wrote analysts Shaun Osborne and Greg Moore, as they see the bear channel still intact for the moment. “We need to see the GBP move through 1.58 to relieve downside pressure we think”, they said.