Pick of the Day: USD/CAD

We have US quarterly GDP coming out tomorrow at 8:30 am EST. Today’s pick will hopefully capture some pips off the potential volatility of this report. Now the consensus number is at 4.9% which is a lot higher than the previous number at 1.7%. Obviously if the number is lower than expected we will see continued selling of the greenback. Now, if it comes out at consensus or higher, I think the pair will move up first, but then dollar bears will see it as a selling opportunity and push the pair down. I know it seems pretty crazy, but it’s the last pick of the month and I’m looking to close out strong! Here are a couple of short ideas:

Short USD/CHF at 1.2525, stop at 1.2565, PT1 at 1.2505, PT2 at 1.2475

Here’s a short trade idea in case we see a move upward after the report:

Short USD/CHF at 1.2700, stop at 1.1230, PT1 at 1.2675, PT2 at 1.2645

I’m going to wait until about 7:00 am EST to put my orders in to avoid any surprises before the report.

Good luck and good trading!