The concurrent release of US and Canadian employment numbers offers a unique opportunity to do a trade that makes logical sense and oftentimes make a quick profit. Today was a great example. I suggested selling the USDCAD pair in my LIVE trading room two minutes after the US and CAD employment news release.
Here is why
A. The Canada employment numbers were much better than expected; argues for a lower USDCAD pair based upon CAD strength.
B. The US employment numbers were neutral (some parts slightly better and other parts slightly worse); argues for no clear movement in USDCAD pair.
C. Following the news releases the USDCAD pair initially spiked lower but then recovered on USD strength versus all the major pairs
The USD strength should not have impacted the CAD as much as it did and hence the trade opportunity
Sold USDCAD and bought it back 5 minutes later for a 30 pip profit!