The Canadian dollar can often move strongly ahead of key fundamental data and yesterday was no exception as we waited for the BOC rate interest decision and traders were happy to buy the currency. This produced a really nice trend in eur/cad which came to pause at the New York forex open with a potential reversal setting up as the New York session got underway. However, as traders, we have to be mindful that in placing intraday trades before such risk events we will get caught up in the whipsawing and volatility. Much better to wait and confirm the direction before jumping in.
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