for April 23, 2009…FOREX TRADE CALL RECAP
For our last live on the news trade, we were watching the UK CPI report yesterday. We were looking to buy the GBPUSD if the number came out at least 0.2% better than expected. The actual number came out with no deviation, so it did not meet the safe trigger and we did not enter a trade.
OUR NEXT LIVE ON THE NEWS FOREX TRADE CALL
Tomorrow we will have an opportunity to trade when the Canadian Retail Sales Report is released at 8:30 am EDT. Our main focus will be on the Canadian Retail Sales Less Autos report, and the expected number for this report is 0.2%. A higher than expected number will be good for the CAD and signal a short on the USD/CAD and EUR/CAD, and a lower than expected number will be bad for the CAD and signal a long on the USD/CAD and EUR/CAD. We will be looking for a deviation of 0.4% on this report to trigger a safe forex trade.
For this trade, we will focus on the EURCAD as there is some US data coming out at the same time that could impact the USDCAD. We will probably prefer to see a buy signal on this as the EURCAD seems to be trying to break out of the down trend it has been in since the end of March, but it should still be tradable either way. We will use caution on this particular release as we have had some quick spikes then reversals lately on this particular release.
This report has met our safe trigger in seven out of the last twelve months and has provided moves of 20 to 90 pips each time. It last met our safe trigger last month and provided traders with up to 20 pips of profit on the USDCAD and EURCAD, depending on their entries. The chart below shows the movement of the EURCAD at the time of last month’s release.
To see the video of last month’s trade, click on the following link:
This is our current outlook for this trade; however, it is subject to change as forex market conditions may change by tomorrow. Be sure to log in to the Live Trade Room 15 minutes prior to the release to get my commentary on this potential trade.
Good Luck!!!!
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