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There has been quite a bit of action in the FX market this week and over the next 48 hours, we have a significant amount of Canadian and Eurozone data that could accelerate some of the moves in currencies and to take advantage of this opportunity, we are laying out 3 trades. The first is a TrendCatcher USD/CAD short trade. We like this trade because it has the momentum of the Burger King / Tim Horton deal and the catalyst of tomorrow’s Canadian current account balance and GDP report. This trade is taken at market. The second is a pending order to sell EUR/NZD on the belief that over the next 48 hours, EZ data will surprise to the downside. The third is also a pending order to Buy EUR/CHF on the belief that the SNB won’t allow the currency pair to drop below 1.20.
Here are the trades:
1. Sell USD/CAD at Market (now 1.0861)
Stop at 1.0926
Close 1/2 at 1.0811, move stop to breakeven
Close rest at 1.0666
2. Place order to Sell EUR/NZD at 1.5672
Stop at 1.5732
Close 1/2 at 1.5642, move stop to breakeven
Close rest at 1.5476
3. Place order to Buy EUR/CHF 1.2055
Close 1/2 at 1.2085, move stop to breakeven
Close rest at 1.2440
***Remember, if 2 orders trigger without one hitting T1 first, all other orders are canceled