There could be a good trade to straddle shaping up for 9/28-the Canadien Ind Price Index. The consensus is CAD- and the Cad actually gained some strength today, closing around 1110. If the CAD stays at this level or below, this would indicate that the CAD is oversold, relative to the value of the report. In other words, it's at a good level to trade (1110) if the numbers come out on consensus or better (showing a better then expected drop in prices), because there was a CAD+ move today prior to CAD- numbers being released.
You could also see a CAD- move in the next London session, but if the level holds and the report comes out on consensus or better, a good oppurtunity may exist for a nice up spike in USD/CAD.
You could also see a CAD- move in the next London session, but if the level holds and the report comes out on consensus or better, a good oppurtunity may exist for a nice up spike in USD/CAD.