Binaries Preview: Watch The USD/CAD When Canadian Purchasing Managers Are Surveyed
Canada has the Ivey PMI coming out Thursday at 10:00 a.m. ET. The Ivey PMI is a leading economic indicator released by the Richard Ivey School of Business and is based on approximately 175 surveyed purchasing managers. Purchasing managers are selected geographically by activity sector to match the whole economy. They are asked to rate business conditions. This report can create a trade opportunity using an Iron Condor strategy utilizing Nadex USD/CAD spreads.
One can enter this trade recommendation as early as 10:00 a.m. ET for a 12:00 p.m. ET expiration. When trading spreads, traders are trading a range of the market during a specified time period. This caps and defines risk upfront. To enter a Nadex spread, traders can pay the total risk so there are no margin calls.
Using data from the past 12 to 24 reports, it was found that the market tends to make a move and then pull back or it remains in a range. One can follow the USD/CAD on your charts to know where the market is and remember, buying below market and selling above market is the strategy to consider employing.
If the spreads available don’t meet the above parameters, it's better to wait; there are always more news trades and others trades coming up.
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