Here are the key factors to keep in mind today for US Dollar trades:
- US GDP: The Advanced US GDP for the second-quarter is predicted to increase by 4.0% annualized. Forex traders can compare this to the the previous second-quarter GDP which increased by 4.1% annualized. Corporate Profits are predicted to increase by 8.6% annualized. Forex traders can compare this to previous second-quarter Corporate Profits which increased by 8.7% annualized. Personal Consumption is predicted to increase by 3.9% annualized. Forex traders can compare this to previous second-quarter Personal Consumption which increased by 4.0% annualized. The GDP Price Index is predicted to increase by 3.0% annualized. Forex traders can compare this to the previous second-quarter GDP Price Index which increased by 3.0% annualized. The Core PCE is predicted to increase by 2.0% annualized. Forex traders can compare this to the previous second-quarter Core PCE which increased by 2.0% annualized.
- US Pending Home Sales: US Pending Home Sales for July are predicted to increase by 0.4% monthly and to decrease by 1.5% annualized. Forex traders can compare this to US Pending Home Sales for June which increased by 0.9% monthly and which decreased by 4.0% annualized.
Here is the key factor to keep in mind today for Canadian Dollar trades:
- Canadian Current Account Balance: The Canadian Current Account Balance for the second-quarter is predicted at -$15.45B. Forex traders can compare this to the Canadian Current Account Balance for the first-quarter which was reported at -$19.50B.
Should price action for the USDCAD remain inside the or breakout above the 1.2890 to 1.2950 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2915
- Take Profit Zone: 1.3285 – 1.3385
- Stop Loss Level: 1.2730
Should price action for the USDCAD breakdown below 1.2890 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2860
- Take Profit Zone: 1.2685 – 1.2730
- Stop Loss Level: 1.2915
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
