FX Trading Strategy for Nov 21
Well yesterday was bit boring trading day as there was no good economic data to trade where one can make a huge profit like getting 30-40 or even 50 pips. So today i'll be busy with the one and only piece of data that is Retail Sales from Canada.
November 21st, 2006 (8:30 am New York Time) CANADA
We have Canadian Retail Sales coming out. We have two numbers, the headline number and the X autos number, which is considered core. My focus will be on the core number. 70% of economists expect the core number to come out negative. The average opinion is at around -0.3%. A positive number would be somewhat shocking for the market, so if Retail Sales X autos come out not negative, or at 0% or higher, that would be good for the Canadian dollar, so I may possibly go short on USD/CAD. On the other hand, if the number comes out at -0.6% or more negative, that would be the biggest decline in Retail Sales X autos in over a year, so would possibly be bad for the Canadian dollar, so I may possibly go long on USD/CAD.
November 21st, 2006 (8:30 am New York Time) CANADA
We have Canadian Retail Sales coming out. We have two numbers, the headline number and the X autos number, which is considered core. My focus will be on the core number. 70% of economists expect the core number to come out negative. The average opinion is at around -0.3%. A positive number would be somewhat shocking for the market, so if Retail Sales X autos come out not negative, or at 0% or higher, that would be good for the Canadian dollar, so I may possibly go short on USD/CAD. On the other hand, if the number comes out at -0.6% or more negative, that would be the biggest decline in Retail Sales X autos in over a year, so would possibly be bad for the Canadian dollar, so I may possibly go long on USD/CAD.
posted by Naveen Pantera at 8:29 AM
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