Here are the key factors to keep in mind today for US Dollar trades:
- US Housing Starts and Building Permits: US Housing Starts for April are predicted to increase by 6.2% monthly to 1,209K starts and Building Permits are predicted to increase by 1.4% monthly to 1,287K permits. Forex traders can compare this to US Housing Starts for March which decreased by 0.3% monthly to 1,139K starts and to Building Permits which decreased by 1.7% monthly to 1,269K permits.
- US Philadelphia Fed Business Outlook: The Philadelphia Fed Business Outlook for May is predicted at 9.0. Forex traders can compare this to the Philadelphia Fed Business Outlook for April which was reported at 8.5.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of May 11th are predicted at 221K and US Continuing Claims for the week of May 4th are predicted at 1,680K. Forex traders can compare this to US Initial Jobless Claims for the week of May 4th which were reported at 228K and to US Continuing Claims for the week of April 27th which were reported at 1,684K.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian International Merchandise Trade Balance: The Canadian International Merchandise Trade Balance for March is predicted at C$11.55B. Forex traders can compare this to the Canadian International Merchandise Trade Balance for February which was reported at C$12.05B.
- Canadian Manufacturing Sales: Canadian Manufacturing Sales for March are predicted to increase by 1.5% monthly. Forex traders can compare this to Canadian Manufacturing Sales for February which decreased by 0.2% monthly.
- Bank of Canada Financial System Review: Forex traders will look for results from the Bank of Canada Financial System Review in order to get a better idea how strong the financial system is and how well it may handle shocks such as ongoing trade war between the US and China. The Canadian Dollar could see a spike in trade volume following the release of the findings.
Should price action for the USDCAD remain inside the or breakdown below the 1.3415 to 1.3490 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3435
- Take Profit Zone: 1.3235 – 1.3275
- Stop Loss Level: 1.3520
Should price action for the USDCAD breakout above 1.3490 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3520
- Take Profit Zone: 1.3600 – 1.3665
- Stop Loss Level: 1.3490
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
