Here are the key factors to keep in mind today for US Dollar trades:
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of August 4th are predicted at 220K and US Continuing Claims for the week of July 28th are predicted at 1,735K. Forex traders can compare this to US Initial Jobless Claims for the week of July 28th which were reported at 218K and to US Continuing Claims for the week of July 21st which were reported at 1,724K.
- US PPI: The US PPI for July is predicted to increase by 0.2% monthly and by 3.4% annualized. Forex traders can compare this to the US PPI for June which increased by 0.3% monthly and by 3.4% annualized. The US Core PPI for July is predicted to increase by 0.3% monthly and by 2.8% annualized. Forex traders can compare this to the US Core PPI for June which increased by 0.3% monthly and by 2.8% annualized. The US Core PPI ex Trade for July is predicted to increase by 0.2% monthly and by 2.7% annualized. Forex traders can compare this to the US Core PPI ex Trade for June which increased by 0.3% monthly and by 2.7% annualized.
- US Wholesale Inventories: US Final Wholesale Inventories for June are predicted flat at 0.0% monthly. Forex traders can compare this to previous US Wholesale Inventories for June which were reported flat at 0.0% monthly.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Housing Starts: Canadian Housing Starts for July are predicted at 219.5K. Forex traders can compare this to Canadian Housing Starts for June which were reported at 248.1K.
- Canadian New Housing Price Index: The Canadian New Housing Price Index for June is predicted flat at 0.0% monthly and to increase by 0.7% annualized. Forex traders can compare this to the Canadian New Housing Price Index for May which was reported flat at 0.0% monthly and which increased by 0.9% annualized.
Should price action for the USDCAD remain inside the or breakdown below the 1.3000 to 1.3075 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3030
- Take Profit Zone: 1.2525 – 1.2585
- Stop Loss Level: 1.3190
Should price action for the USDCAD breakout above 1.3075 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3100
- Take Profit Zone: 1.3275 – 1.3385
- Stop Loss Level: 1.3030
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
