Event-driven News Trade CAD retail sales

I identified a target and support area being at 1.1950 on USDCAD and am waiting for a possible worse than expected reading in USDCAD to enter short. Will enter 2 positions at the same time: 1) Stop loss 12 pips measured from the low of the spike 2) stop loss 50 pips Both positions have a take profit at 1.1950.
Using a fast data feed for order entry. Trade management software takes care of stop loss and take profit. Risking 0.15% on each position. 58:1 risk-reward-ratio and 14:1.