Here are the key factors to keep in mind today for US Dollar trades:

• US Personal Income and Personal Spending: US Personal Income for July is predicted to increase by 0.3% monthly and Personal Spending is predicted to increase by 0.4% monthly. Forex traders can compare this to Personal Income for June which was reported flat at 0.0% monthly and to Personal Spending which increased by 0.1% monthly. Real Personal Spending for July is predicted to increase by 0.3% monthly. Forex traders can compare this to Real Personal Spending for June which was reported flat at 0.0% monthly. The PCE Deflator for July is predicted to increase by 0.1% monthly and by 1.4% annualized. Forex traders can compare this to the PCE Deflator for June which was reported flat at 0.0% monthly and which increased by 1.4% annualized. The PCE Core Deflator for July is predicted to increase by 0.1% monthly and by 1.4% annualized. Forex traders can compare this to the PCE Core Deflator for June which was increased by 0.1% monthly and by 1.5% annualized.
• US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of August 26th are predicted at 238K and US Continuing Claims for the week of August 19th are predicted at 1,951K. Forex traders can compare this to US Initial Jobless Claims for the week of August 19tht which were reported at 234K and US Continuing Claims for the week of August 12th which were reported at 1,954K.
• US Chicago PMI: The US Chicago PMI for August is predicted at 58.5. Forex traders can compare this to the US Chicago PMI for July which was reported at 58.9.
• US Pending Home Sales: US Pending Home Sales for July are predicted to increase by 0.4% monthly and by 0.5% annualized. Forex traders can compare this to US Pending Home Sales for June which decreased by 1.5% monthly and which increased by 0.7% annualized.

Here is the key factor to keep in mind today for Canadian Dollar trades:

• Canadian GDP: The Canadian GDP for June is predicted to increase by 0.1% monthly, by 3.7% for the second-quarter quarterly and by 4.1% annualized. Forex traders can compare this to the Canadian GDP for May which increased by 0.6% monthly, by 3.7% quarterly and by 4.6% annualized.

Should price action for the USDCAD remain inside the or breakout above the 1.2625 to 1.2675 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.2650
• Take Profit Zone: 1.3285 – 1.3335
• Stop Loss Level: 1.2500

Should price action for the USDCAD breakdown below 1.2625 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.2600
• Take Profit Zone: 1.2415 – 1.2450
• Stop Loss Level: 1.2675

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