Heads Up - Canadian GDP is due in 30 mins - Quick Trade Plan for USD/CAD - FX Leaders News

Heads Up – Canadian GDP is due in 30 mins – Quick Trade Plan for USD/CAD

Posted Friday, September 28, 2018 by
Arslan Butt • 1 min read

What’s up, traders.

As discussed in FX Leaders Set 28 – Economic Event’s Report, the Canadian GDP is due at 12:30 (GMT). Economists expectation is 0.1% up from 0.0%. The USD/CAD is trading sideways ahead of the news. Read on for a quick trade plan…

How to trade Canadian GDP news?

The USD/CAD is trading in a narrow trading range of $1.3009 – $1.3020. A GDP growth rate of 0.3% or above is likely to cause a bearish breakout and the direct currency pair can dip towards $1.2970.

In contrast, worse than expected GDP of 0.0% or -0.1% is likely to weaken the currency and the USD/CAD can breakout on the upper side. The inital target is likely to be $1.3045. So buckle up, as it looks like a good time to trade the breakout. Good luck!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt is our Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of