Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Housing Starts: Canadian Housing Starts for May are predicted at 220.0K. Forex traders can compare this to Canadian Housing Starts for April which were reported at 214.4K.
- Canadian Capacity Utilization Rate: The Canadian Capacity Utilization Rate for the first-quarter is predicted at 86.3%. Forex traders can compare this to the Canadian Capacity Utilization Rate for the fourth-quarter which was reported at 86.0%.
- Canadian Employment Report: The Canadian Employment Report for May is predicted to show the addition of 22,000 jobs and an Unemployment Rate of 5.8%. Forex traders can compare this to the Canadian Employment Report for April which showed the loss of 1,100 jobs and an Unemployment Rate of 5.8%. The Participation Rate for May is predicted at 65.5%. Forex traders can compare this to the Participation Rate for April which was reported at 65.4%.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Current Account Balance and Trade Balance: The Japanese Current Account Balance for April was reported at ¥1,845.1B. Economists predicted a figure of ¥2,076.5B. Forex traders can compare this to the Japanese Current Account Balance for March which was reported at ¥3,122.3B. The Japanese Adjusted Current Account Balance for April was reported at ¥1,885.5B. Economists predicted a figure of ¥2,094.5B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for March which was reported at ¥1,772.3B. The Japanese Trade Balance for April was reported at ¥573.8B. Economists predicted a figure of ¥742.3B. Forex traders can compare this to the Japanese Trade Balance for March which was reported at ¥1,190.7B.
- Japanese GDP: The Final Japanese GDP for the first-quarter decreased by 0.2% quarterly and by 0.6% annualized. Economists predicted a decrease of 0.1% quarterly and of 0.4% annualized. Forex traders can compare this to the previous Japanese GDP for the first-quarter which decreased by 0.2% quarterly and by 0.6% annualized. The Final Nominal GDP for the first-quarter decreased by 0.4% quarterly. Economists predicted a decrease of 0.3% quarterly. Forex traders can compare this to the previous Nominal GDP for the first-quarter which decreased by 0.4% quarterly. The Final GDP Deflator for the first-quarter increased by 0.5% annualized. Economists predicted an increase of 0.5% annualized. Forex traders can compare this to the previous GDP Deflator for the first-quarter which increased by 0.5% annualized. Final Private Consumption for the first-quarter decreased by 0.1% quarterly and Final Business Spending increased by 0.3% quarterly. Economists predicted a flat reading of 0.5% quarterly and an increase of 0.2% quarterly. Forex traders can compare this to previous Private Consumption for the first-quarter which was reported flat at 0.0% quarterly and to previous Business Spending for the first-quarter which decreased by 0.1% quarterly.
- Japanese Bank Lending: Japanese Bank Lending including Trusts for May increased by 2.0% annualized and Japanese Bank Lending excluding Trusts increased by 1.9% annualized. Forex traders can compare this to Japanese Bank Lending including Trusts for April which increased by 2.1% annualized and to Japanese Bank Lending excluding Trusts which increased by 2.0% annualized.
- Japanese Bankruptcies: Japanese Bankruptcies for May decreased by 4.36% annualized. Forex traders can compare this to Japanese Bankruptcies for April which decreased by 4.41% annualized.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for May was reported at 47.1 and the Japanese Eco Watchers Survey Outlook Index was reported at 49.2. Economists predicted a figure of 49.2 and of 50.3. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for April which was reported at 49.0 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 50.1.
Should price action for the CADJPY remain inside the or breakdown below the 84.050 to 84.650 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 84.150
- Take Profit Zone: 80.500 – 80.900
- Stop Loss Level: 85.6000
Should price action for the CADJPY breakout above 84.650 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 84.900
- Take Profit Zone: 86.500 – 87.100
- Stop Loss Level: 84.300
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
