I need to understand how to interpret the economic news. I was looking at the Economic calender and it showed the CAD to be bearish. However, on the platform the USDCAD pair is also bearish. My assumption here is that if the CAD was bearish, one would have to enter long on the USDCAD.
Trading on major economic news is a bad idea for the inexperienced. Candlestick predictability goes straight out the window because it's just a massive flood of emotion driving the market. And of course, we humans do not always choose well. I can't give you any worthwhile advice on that, but the advice I will give is step out of your trades if there is anything major coming up. I generally won't stay in if the particular news item has a high probability of causing a jolt - or three dot Impact rating on Babypips calendar.
you have to understand it is quite hard to interpret the news
even if you can, it does not always work the way you think it will work.
this is because traders and investors constantly place buy or sell positions regardless of awareness of any news release.
in other words, orders (buy and sell positions) move the market, not the news itself.