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 185K job additions and an unemployment rate of 4.0%. Forex traders can compare this to the US NFP Report for February which showed 313K job additions and an unemployment rate of 4.1%. Private Payrolls for March are predicted to show 195K job additions and Manufacturing Payrolls 24K job additions. Forex traders can compare this to Private Payrolls for February which showed 287K job additions and Manufacturing Payrolls which showed 31K 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 34.5 hours. Average Hourly Earnings for March are predicted to increase by 0.3% monthly and by 2.7% annualized. Forex traders can compare this to Average Hourly Earnings for February which increased by 0.1% monthly and by 2.6% annualized. The Labor Force Participation Rate for March is predicted at 63.0%. Forex traders can compare this to the Labor Force Participation Rate for February which was reported at 63.0%.
- US Consumer Credit: US Consumer Credit for February is predicted at $15.750B. Forex traders can compare this to US Consumer Credit for January which was reported at $13.906B.
Here are the key factors 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 20,000 jobs and an Unemployment Rate of 5.8%. Forex traders can compare this to the Canadian Employment Report for February which showed the creation of 15,400 jobs and an Unemployment Rate of 5.8%. Hourly Earnings for Permanent Employees for March are predicted to increase by 3.4% annualized. Forex traders can compare this to Hourly Earnings for Permanent Employees for February which increased by 3.1% annualized.
- Canadian Ivey PMI: The Canadian Ivey PMI for March is predicted at 60.2. Forex traders can compare this to the Canadian Ivey PMI for February which was reported at 59.6.
Should price action for the USDCAD remain inside the or breakdown below the 1.2745 to 1.2800 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2780
- Take Profit Zone: 1.2450 – 1.2490
- Stop Loss Level: 1.2940
Should price action for the USDCAD breakout above 1.2800 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2815
- Take Profit Zone: 1.2910 – 1.2940
- Stop Loss Level: 1.2780
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
