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

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!

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About the author

Arslan Butt // 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.
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