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BK – USD/CAD Big Trade 12.01.2015 – CANCELED
12/2 Orders canceled before Bank of Canada meeting
BK -- USD/CAD Big Trade
Place Order to Buy 1 lot USD/CAD at 1.3355
Place Order to Buy 1 More at 1.3160
Stop for ALL at 1.2972
After this morning’s exceptionally weak Canadian GDP numbers, there’s a reasonable chance that the Bank of Canada will express concerns about the economy and remind investors that monetary policy is easy. We’ve seen a lot more deterioration than improvement in Canada’s economy since the last meeting from GDP to trade to the IVEY PMI index, stocks and oil. There was some good news -- inflation ticked up slightly and the labor market was very strong in October. But job losses are expected in November. We are currently long CAD via NZD/CAD and believe that it is important to offset some of those potential losses with USD/CAD long trade. We are positive U.S. dollars and believe that Janet Yellen will set the stage for a rate hike in their testimonies this week.