Here are the key factors to keep in mind today for US Dollar trades:
- US Employment Cost Index: The US Employment Cost Index for the first-quarter is predicted to increase by 0.7% quarterly. Forex traders can compare this to the US Employment Cost Index for the fourth-quarter which increased by 0.7% quarterly.
- US S&P/Case-Shiller Composite 20: The US S&P/Case-Shiller Composite 20 for February is predicted to increase by 0.20% monthly and by 3.10% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for January which increased by 0.10% monthly and by 3.60% annualized.
- US Chicago PMI: The US Chicago PMI for April is predicted at 59.0. Forex traders can compare this to the US Chicago PMI for March which was reported at 58.7.
- US Pending Home Sales: US Pending Home Sales for March are predicted to increase by 0.7% monthly and by 1.1% annualized. Forex traders can compare this to US Pending Home Sales for February which decreased by 1.0% monthly and by 5.0% annualized.
- US Consumer Confidence: US Consumer Confidence for April is predicted at 126.5. Forex traders can compare this to US Consumer Confidence for March which was reported at 124.1.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian GDP: The Canadian GDP for February is predicted flat at 0.0% monthly and to increase by 1.4% annualized. Forex traders can compare this to the Canadian GDP for January which increased by 0.3% monthly and by 1.6% annualized.
- Canadian Industrial Product Price Index and Canadian Raw Materials Price Index: The Canadian Industrial Product Price Index for Match is predicted to increase by 0.7% monthly and the Canadian Raw Materials Price Index is predicted to increase by 3.9% monthly. Forex traders can compare this to the Canadian Industrial Product Price Index for February which increased by 0.3% monthly and to the Canadian Raw Materials Price Index which increased by 4.6% monthly.
Should price action for the USDCAD remain inside the or breakdown below the 1.3440 to 1.3480 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3450
- Take Profit Zone: 1.3250 – 1.3275
- Stop Loss Level: 1.3520
Should price action for the USDCAD breakout above 1.3480 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3495
- Take Profit Zone: 1.3600 – 1.3665
- Stop Loss Level: 1.3440
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
