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

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!