CA Core Retail Sales is going to provide market volatility for the CAD as Retail sales and CPI are both scheduled to be released at the same time. With both high impact indicators providing glimpse into one of the most important areas in Canadian economy, any strong surprise today will probably end up driving the CAD for at least a few hours after the release.
Of course, with the USD remaining strong and crude prices continue to drop, despite of OPEC production cuts, I would be very careful in holding long positions on the CAD for long, if anything, I would continue to sell CAD until market sentiment changes.
8:30am CA Core Retail Sales Forecast 0.2% Previous -0.1%
The Trade Plan
Let´s trade this release using my after-news retracement method. The idea is to wait for the release, then for market to spike first, and then wait for a decent retracement before getting in. For more details on my trading method: http://www.currencynewstrading.com/how-to-get-started-with-news-trading/
I’d recommend to use the Recommended Pairs from above as they are based on my CSM, which should provide the best combination of currency pairs to trade based on better/worse news… of course, you can also trade the default pair: USDCAD.
CA Core Retail Sales | May 19, 2017 | News Trading Strategy
May 14, 2017 by Leave a Comment