Here are the key factors to keep in mind today for US Dollar trades:
- US Personal Income and Personal Spending: US Personal Income for April is predicted to increase by 0.3% monthly and Personal Spending is predicted to increase by 0.2% monthly. Forex traders can compare this to Personal Income for March which increased by 0.1% monthly and to Personal Spending which increased by 0.9% monthly. Real Personal Spending for April is predicted to decrease by 0.1% monthly. Forex traders can compare this to Real Personal Spending for March which increased by 0.7% monthly. The PCE Deflator for April is predicted to increase by 0.3% monthly and by 1.6% annualized. Forex traders can compare this to the PCE Deflator for March which increased by 0.2% monthly and by 1.5% annualized. The PCE Core Deflator for April is predicted to increase by 0.2% monthly and by 1.6% annualized. Forex traders can compare this to the PCE Core Deflator for March which was reported flat at 0.2% monthly and which increased by 1.6% annualized.
- US Chicago PMI: The US Chicago PMI for May is predicted at 54.0. Forex traders can compare this to the US Chicago PMI for April which was reported at 52.6.
- US Michigan Consumer Sentiment: Final US Michigan Consumer Sentiment for May is predicted at 101.0. Forex traders can compare this to previous US Michigan Consumer Confidence for May which was reported at 102.4. Final Current Conditions for May are predicted at 112.4 and Final Expectations are predicted at 95.2. Forex traders can compare this to previous Current Conditions for May which were reported at 112.4 and to Expectations which were reported at 96.0.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Chinese PMI: The Chinese Non-Manufacturing PMI for May was reported at 54.3 and the Chinese Manufacturing PMI at 49.4. Economists predicted a figure of 54.3 and of 49.9 Forex traders can compare this to the Chinese Non-Manufacturing PMI for April which was reported at 54.3 and to the Chinese Manufacturing PMI which was reported at 50.1. The Chinese Composite PMI for May was reported at 53.3. Forex traders can compare this to the Chinese Composite PMI for April which was reported at 53.4.
- Canadian GDP: The Canadian GDP for March is predicted to increase by 0.3% monthly. Forex traders can compare this to the Canadian GDP for February which decreased by 0.1% monthly. The Canadian GDP for the first-quarter is predicted to increase by 0.7% quarterly and by 1.2% annualized. Forex traders can compare this to the Canadian GDP for the fourth-quarter which increased by 0.4% quarterly and by 1.1% annualized.
- Canadian Industrial Product Price Index and Canadian Raw Materials Price Index: The Canadian Industrial Product Price Index for April is predicted to increase by 0.7% monthly and the Canadian Raw Materials Price Index is predicted to increase by 2.3% monthly. Forex traders can compare this to the Canadian Industrial Product Price Index for March which increased by 1.3% monthly and to the Canadian Raw Materials Price Index which increased by 2.8% monthly.
Should price action for the USDCAD remain inside the or breakdown below the 1.3520 to 1.3570 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3545
- Take Profit Zone: 1.3250 – 1.3335
- Stop Loss Level: 1.3610
Should price action for the USDCAD breakout above 1.3570 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3600
- Take Profit Zone: 1.3665 – 1.3790
- Stop Loss Level: 1.3570
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
