Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for March is predicted to show 180K job additions and an unemployment rate of 3.8%. Forex traders can compare this to the US NFP Report for February which showed 20K job additions and an unemployment rate of 3.8%. Private Payrolls for March are predicted to show 178K job additions and Manufacturing Payrolls 11K job additions. Forex traders can compare this to Private Payrolls for February which showed 25K job additions and Manufacturing Payrolls which showed 4K job additions. The Average Work Week for March is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for February which was reported at 34.4 hours. Average Hourly Earnings for March are predicted to increase by 0.2% monthly and by 3.4% annualized. Forex traders can compare this to Average Hourly Earnings for February which increased by 0.4% monthly and by 3.4% annualized. The Labor Force Participation Rate for March is predicted at 63.2%. Forex traders can compare this to the Labor Force Participation Rate for February which was reported at 63.2%.
- US Consumer Credit: US Consumer Credit for February is predicted at $17.000B. Forex traders can compare this to US Consumer Credit for January which was reported at $17.049B.
Here is the key factor to keep in mind today for Canadian Dollar trades:
- Canadian Employment Report: The Canadian Employment Report for March is predicted to show the addition of 10.0K jobs and an Unemployment Rate of 5.8%. Forex traders can compare this to the Canadian Employment Report for February which showed the addition of 55.9K jobs and an Unemployment Rate of 5.8%. Hourly Earnings for Permanent Employees for March are predicted to increase by 2.2% annualized. Forex traders can compare this to Hourly Earnings for Permanent Employees for February which increased by 2.2% annualized. 5.4K Full-Time Positions and 7.0K Part-Time Positions are expected to have been created in March. Forex traders can compare this to the creation of 67.4K Full-Time Positions and to the loss of 11.6K Part-Time Positions which were reported in February. The Labor Force Participation Rate for March is expected at 65.7%. Forex traders can compare this to the Labor Force Participation Rate for February which was reported at 65.8%.
Should price action for the USDCAD remain inside the or breakout above the 1.3335 to 1.3370 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3350
- Take Profit Zone: 1.3530 – 1.3565
- Stop Loss Level: 1.3285
Should price action for the USDCAD breakdown below 1.3335 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3295
- Take Profit Zone: 1.3070 – 1.3110
- Stop Loss Level: 1.3350
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
