When trading Canadian Interest Rate, I recommend that you open and close your trades within the first 45 minutes of the report, because after 45 minutes, there will be other non-related market forces that will be affecting the currency pair.
With this report, it's quite simple. If you can get in within the first 50 pips of
pre-release price, most likely you can get away with a 50 pips
stop/loss and a potential profit of 50 pips or more. If you cannot get in within the first 50 pips, I probably wouldn't chase it, because the risk may be bigger than potential reward. Wait for it to
retrace within the first 15 minutes, and if it doesn't, then skip the trade.
I recommend trading USD/CAD on this report.
Please look at this Canadian Interest Rate USD/CAD chart:
Forex news trading currency exchange charts
As you can see, total move was more than 100 pips, and you would be able to get in within the first 50 pips if you wanted to.
Please look at the history of Canadian Interest Rate and the charts of how it affected USD/CAD and other currencies. Here is the link:
Forex News Trading | Details and History for CAD Interest Rate Statement
If you want me to email you 1 day before the Canadian Interest Rate report is released, and explain to you in details how to trade it, then please sign up for my free trading signals by going to this link:
Forex Daily Trading Signals - Forex Peace Army Forum
In the signal, I tell you exactly how many pips the currency will most likely move, depending on the difference between expected and actual numbers.
Canadian Interest Rate Statement (after-spike retracement strategy) -
12-07-2009, 06:33 AM
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