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How to Profit From the Bank of Canada Meeting

The heat is on up north, with Canada's economy significantly healthier than that of the U.S. Here's how to trade ahead of the upcoming Bank of Canada meeting.

Between strong employment for the last two months and a robust consumer price index, "Canada is literally on fire," says Amelia Bourdeau, director of foreign exchange at Westpac Institutional Bank. She also expects a strong Canadian CPI report in the coming week.

All that solid data can mean only one thing, Bourdeau told CNBC's Melissa Lee.

"What we're looking at here is a central bank that will be slightly more hawkish than at their May meeting," Bourdeau says. As a result, she recommends going long the Canadian dollar ahead of time.

Bourdeau recommends selling the U.S. dollar against the Canadian dollar at 0.9580 with a target of 0.9350 and a stop loss of 0.9700.

Andrew Busch, global currency and public policy strategist for BMO Capital, is equally bullish on Canada even though the loonie has been strong lately.

"What's surprising is the strength of this even though we're in this environment of uncertainty," he says. "We've got great numbers out of Canada."

Peter Schiff, chief global strategist at Euro Pacific Capital, likes the trade as well - though that's largely because he is so negative on the U.S. dollar.

"The dollar is in motion and the direction is down," he says. "You can sell the dollar against anything."

You can watch the discussion in the video clip, starting at 8:18.

Tune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm.

"Money in Motion Currency Trading" repeats on Saturdays at 7pm.

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