CAD has become deeply oversold because of the decline in oil prices but based on the uptick in job growth, increase in core prices and weakness of the exchange rate, Wednesday’s Bank of Canada monetary policy statement could be less dovish, leading to a much needed rally in the Canadian dollar. Canada is widely expected to raise rates after the Fed and before the BoE which makes the CAD a bargain particularly against the euro. Additionally, retail sales should surprise to the upside as the uptick in wholesale sales and rebound in job growth point to stronger consumer spending. To take advantage of the potential opportunity, we are placing the following pending order:

1. Place Order to Sell EUR/CAD at 1.4185

Stop at 1.4245

Close half at 1.4155, move stop to break-even

Close rest at 1.4025

We still have the following pending orders:

2. Place order to Sell AUD/USD at 0.8616
Stop at 0.8676
Close 1/2 at 0.8586, move stop to breakeven
Close rest at 0.8450

3. Place order to Buy EUR/CHF at 1.2055
Stop at 1.1995
Close 1/2 at 1.2085, move stop to breakeven
Close rest at 1.2200

***Remember, if 2 orders trigger without one hitting T1 first, all other orders are canceled