Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Building Permits: Canadian Building Permits for March are predicted to increase by 2.3% monthly. Forex traders can compare this to Canadian Building Permits for February which decreased by 5.7% monthly.
- Canadian Employment Report: The Canadian Employment Report for April is predicted to show the addition of 15K jobs and an Unemployment Rate of 5.8%. Forex traders can compare this to the Canadian Employment Report for March which showed the loss of 7.2K jobs and an Unemployment Rate of 5.8%. Hourly Earnings for Permanent Employees for April are predicted to increase by 2.3% annualized. Forex traders can compare this to Hourly Earnings for Permanent Employees for March which increased by 2.3% annualized. The Participation Rate for April is predicted at 65.7%. Forex traders can compare this to the Participation Rate for March which was reported at 65.7%.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Household Spending: Japanese Household Spending for March increased by 2.1% annualized. Economists predicted an increase of 1.6% annualized. Forex traders can compare this to Japanese Household Spending for February which increased by 1.7% annualized.
- Japanese Labor Cash Earnings and Japanese Real Cash Earnings: Japanese Labor Cash Earnings for March decreased by 1.9% annualized and Japanese Real Cash Earnings decreased by 2.5% annualized. Economists predicted a decrease of 0.5% and of 1.1%. Forex traders can compare this to Japanese Labor Cash Earnings for February which decreased by 0.7% annualized and to Japanese Real Cash Earnings which decreased by 1.0% annualized.
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for the period ending May 3rd was reported at -¥257.0B and Japanese Buying Foreign Stocks was reported at -¥31.9B. Forex traders can compare this to Japanese Buying Foreign Bonds for the period ending April 26th which was reported at ¥1,170.0B and to Japanese Buying Foreign Stocks which was reported at -¥107.1B. Foreign Buying Japanese Bonds for the period ending May 3rd was reported at -¥2.8B and Foreigners Buying Japanese Stocks was reported at ¥640.1B. Forex traders can compare this to Foreign Buying Japanese Bonds for the period ending April 26th which was reported at -¥443.8B and to Foreigners Buying Japanese Stocks which was reported at ¥1,426.6B.
Should price action for the CADJPY remain inside the or breakout above the 81.300 to 81.900 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 81.600
- Take Profit Zone: 83.750– 84.350
- Stop Loss Level: 80.650
Should price action for the CADJPY breakdown below 81.300 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 81.100
- Take Profit Zone: 79.650 – 80.000
- Stop Loss Level: 81.600
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