There are a lot of strategies out there for trading Forex news announcements.
Probably the one that I'm the most comfortable doing is what I like to call, "fade the news".
Instead of predicting what the price will do I wait and REACT to what the price already did.
You'll see how in the live Forex trade on USD/CAD I first let the Bears show their hand and waited for a proper lower high and snatched up a really simple in the money option.
A big key though is never forgetting the "Bird's Eye View". I still had the 4-hour bias in my favor. It was the most overbought it had been in months.