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 4.7%. Forex traders can compare this to the US NFP Report for February which showed 235K job additions and an unemployment rate of 4.7%. Private Payrolls for March are predicted to show 170K job additions and Manufacturing Payrolls 17K job additions. Forex traders can compare this to Private Payrolls for February which showed 227K job additions and Manufacturing Payrolls which showed 28K job additions. The Average Work Week for March is predicted at 34.4 hours. Forex traders can compare this to the Average Work Week for February which was 34.4 hours. Average Hourly Earnings for March are predicted to increase by 0.2% monthly and by 2.7% annualized. Forex traders can compare this to Average Hourly Earnings for February which increased by 0.2% monthly and by 2.8% annualized.
- US Wholesale Inventories: US Wholesale Inventories for February are predicted to increase by 0.4% monthly. Forex traders can compare this to US Wholesale Inventories for January which increased by 0.4% monthly.
- US Consumer Credit: US Consumer Credit for February is predicted at $15.000B. Forex traders can compare this to US Consumer Credit for January which was reported at $8.794B.
Here are 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 5.7K job losses and an unemployment rate of 6.7%. Forex traders can compare this to the Canadian Employment Report for February which showed 15.3K job additions and an unemployment rate of 6.6%.
- Canadian Ivey PMI: The Canadian Ivey PMI for March is predicted at 56.3. Forex traders can compare this to the Canadian Ivey PMI for February which was reported at 55.0.
Should price action for the USDCAD remain inside the or breakdown below the 1.3375 to 1.3425 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3400
- Take Profit Zone: 1.2950 – 1.3000
- Stop Loss Level: 1.3550
Should price action for the USDCAD breakout above 1.3425 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3475
- Take Profit Zone: 1.3550 – 1.3600
- Stop Loss Level: 1.3375
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
