That Trade Didn’t Take Long Thanks to Canadian Inflation and Retail Sales

We highlighted this trade on USD/CAD in the midday brief. We bought USD/CAD a while ago as this pair completed a retrace on the H1 chart. The long term is bearish, but the short term is bullish, so we went long with a short-term signal.

I feared the economic numbers coming from Canada this afternoon, but they went in our favour. The core retail sales number came out half of what was expected and a quarter of last month’s reading, while inflation (consumer price index) came out at 0.1% from 0.2% expected.

The yearly CPI number also missed expectation even though Oil prices have remained upbeat during this year.

The short-term uptrend is back on its course

Well, that was it for USD/CAD bears and this pair surged around 60 pips afterwards. We don’t object such a move, do we guys? We got our pips so on to the next trade now.  

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

Related Articles

U.S. Jobless Claims and Trump Speech to Drive EUR/USD Move

1 day ago

Save

Pound Bounces From Weekly Lows as US Adds 177K Jobs, GBP/USD Eyes Breakout

5 days ago

Save

EUR/USD Tests $1.1343: Will Powell, Tariffs, and Inflation Drive a Breakout?

5 days ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments