Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for July is predicted to show 180K job additions and an unemployment rate of 4.3%. Forex traders can compare this to the US NFP Report for June which showed 222K job additions and an unemployment rate of 4.3%. Private Payrolls for July are predicted to show 180K job additions and Manufacturing Payrolls 5K job additions. Forex traders can compare this to Private Payrolls for June which showed 187K job additions and Manufacturing Payrolls which showed 1K job additions. The Average Work Week for July is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for June which was reported at 34.5 hours. Average Hourly Earnings for July are predicted to increase by 0.3% monthly and by 2.4% annualized. Forex traders can compare this to Average Hourly Earnings for June which increased by 0.2% monthly and by 2.5% annualized.
- US Trade Balance: The US Trade Balance for June is predicted at -$44.5B. Forex traders can compare this to the US Trade Balance for May which was reported at -$46.5B.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian International Merchandise Trade Balance: The Canadian International Merchandise Trade Balance for June is predicted at -C$1.25B. Forex traders can compare this to the Canadian International Merchandise Trade Balance for May which was reported at -C$1.09B.
- Canadian Employment Report: The Canadian Employment Report for July is predicted to show the addition of 12,500 jobs and an Unemployment Rate of 6.5%. Forex traders can compare this to the Canadian Employment Report for June which showed the creation of 45,300 jobs and an Unemployment Rate of 6.5%.
- Canadian Ivey PMI: The Canadian Ivey PMI for July is predicted at 59.2. Forex traders can compare this to the Canadian Ivey PMI for June which was reported at 61.6.
Should price action for the USDCAD remain inside the or breakdown below the 1.2550 to 1.2600 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2575
- Take Profit Zone: 1.2375 – 1.2400
- Stop Loss Level: 1.2650
Should price action for the USDCAD breakout above 1.2600 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2650
- Take Profit Zone: 1.2725 – 1.2750
- Stop Loss Level: 1.2550
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
