Ryanboyd

Short USD/CAD with big announcements due

Short
Ryanboyd Updated   
FOREXCOM:USDCAD   U.S. Dollar / Canadian Dollar
With US CPI due to land in the next 6-8 hours, I'm speculating that it will come in low and the USD will weaken off the back of it.

Combining this with the Bank of Canada also announcing their next interest rate decision an hour and a half after US CPI, if they do hike rates I can see strength in the $CAD.

Good pairs trade here for short USD/long CAD.

Will confirm if correct in 8 hours...
Comment:
Short played out perfectly. US CPI came in under, BOC raises rates. Flush down straight into that order block.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.