Trade USD/CAD Twice On News Thursday Morning

Two scheduled news events will be released on Thursday: Canadian Building Permits at 8:30 a.m. ET and Ivey School of Business Purchasing Manager’s Index at 10:00 a.m. ET. Both events have a history of getting the USD/CAD to react and pull back, offering Iron Condor trade opportunities.

Ivey School of Business Purchasing Manager’s Index
An iron condor trade can also be used to trade this number. With entry at 10:00 a.m. ET, go for Nadex USD/CAD spreads with the 12:00 p.m. ET expirations. One could buy the lower spread below the market with the ceiling of where the market is trading, and sell the upper spread above the market but with the floor where the market is trading. The profit potential for this trade is $25 or more combined between the spreads.
You could also place stops where the market would move 50 pips up and down. The breakeven for this trade is where the market hits 25 pips up or down. When the market settles anywhere between the breakeven points, the trade will make some profit, with max profit occuring when the market settles between the two spreads