On Monday, 05-07-12, Canada released its Building Permits report – good enough difference for a surprise to the market – but. no trade
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On Monday, 05-07-12 at 8:30 AM ET, the Canadian “Statistics Canada” released the monthly CAD Building Permits MoM report.
I posted a “preview” of this economic news report on Sunday, 05-06-12, click here to view.
Here is what happened:
CAD - Building Permits m/m – Stats
Previous = 7.5%———————–revised = 7.6%
Forecast = 2.3%———————–revised = -0.5%
Actual = 4.7%
Here is how I was set up and what happened:
USD-8-30AM-ET-05-07-12
Looking for a 2.0 difference
Actual > Forecast = Good for CAD
CAD - Building Permits m/m
——actual——–forecast——–previous
_____________2.3%_________7.5%
____4.7%____ -0.5%________ 7.6%
Out at 4.3 % or more – BUY CAD/CHF
Out at -0.3 % or less – SELL CAD/CHF
Good – “actual” came out higher than “forecast“ by 2.4%
Good – “actual” came out higher than revised “forecast“ by 5.2%
Bad – “actual” came out lower than “previous“ by 2.8%
Bad – “actual” came out lower than revised “previous“ by 2.9%
I did not enter a trade, the trigger was good!
Here are the charts:
(AUD/CAD)
a one minute AUD/CAD chart
This currency pair AUD/CAD ranged up for 17 minutes about 3 PIPS
Moved down next 28 minutes about 10 PIPS – right direction
(CAD/CHF)
a one minute CAD/CHF chart
This currency pair CAD/CHF moved up next 23 minutes about 7 PIPS – right direction
(CAD/JPY)
a one minute CAD/JPY chart
This currency pair CAD/JPY ranged
(EUR/CAD)
a one minute EUR/CAD chart
This currency pair EUR/CAD moved down next 23 minutes about 9 PIPS – right direction
(GBP/CAD)
a one minute GBP/CAD chart
This currency pair GBP/CAD moved down next 48 minutes about 27 PIPS – right direction – BEST
(NZD/CAD)
a one minute NZD/CAD chart
This currency pair NZD/CAD ranged for 12 minutes
Moved down next 11 minutes about 6 PIPS - right direction
(USD/CAD)
a one minute USD/CAD chart
This currency pair USD/CAD moved down for 11 minutes about 5 PIPS – right direction
The next scheduled release of these reports on Tuesday, 06-05-12 at 7:30 AM ET, at this point in time there may be additional reports released at the same time.
I will probably post a “preview“ a day or two prior.
Stay tuned!
P.S. If you are interested in how I set up for a news trade – click on the “Training” link above for some videos
P.P.S. If you are interested in the books I studied and recommend – click on the “FOREX Books” link above.
