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 4.8%. Forex traders can compare this to the US NFP Report for June which showed 287K job additions and an unemployment rate of 4.9%. Private Payrolls for June are predicted to show 173K job additions and Manufacturing Payrolls 4K job additions. Forex traders can compare this to Private Payrolls for June which showed 265K job additions and Manufacturing Payrolls which showed 14K job additions. The Average Work Week for July is predicted at 34.4 hours. Forex traders can compare this to the Average Work Week for June which was 34.4 hours. Average Hourly Earnings for July are predicted to increase by 0.2% monthly and by 2.6% annualized. Forex traders can compare this to Average Hourly Earnings for June which increased by 0.1% monthly and by 2.6% annualized.
• US Trade Balance: The US Trade Balance for June is predicted at -$43.0B. Forex traders can compare this to the US Trade Balance for May which was reported at -$41.1B.
• US Consumer Credit: US Consumer Credit for June is predicted at $16.000B. Forex traders can compare this to US Consumer Credit for May which was reported at $18.558B.

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$2.82B. Forex traders can compare this to the Canadian International Merchandise Trade Balance for May which was reported at -C$3.28B.
• Canadian Employment Report: The Canadian Employment Report for July is predicted at 10.0K. Forex traders can compare this to the Canadian Employment Report for June which was reported at -0.7K. The unemployment rate for July is predicted at 6.9%. Forex traders can compare this to the unemployment rate for June which was reported at 6.8%. The labor force participation rate for July is predicted at 65.5%. Forex traders can compare this to the labor force participation rate for June which was reported at 65.5%.
• Canadian Ivey PMI: The Canadian Ivey PMI for July is predicted at 51.5. Forex traders can compare this to the Canadian Ivey PMI for June which was reported at 51.7.

Should price action for the USDCAD remain inside the or breakout above the 1.3000 to 1.3050 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.3025
• Take Profit Zone: 1.3900 – 1.4000
• Stop Loss Level: 1.2800

Should price action for the USDCAD breakdown below 1.3000 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.2950
• Take Profit Zone: 1.2700 – 1.2800
• Stop Loss Level: 1.3050

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.