Here are the key factors to keep in mind today for US Dollar trades:
- US GDP: The Advanced US GDP for the third-quarter is predicted to increase by 3.5% annualized. Forex traders can compare this to the previous third-quarter GDP which increased by 3.5% annualized. Personal Consumption for the third-quarter is predicted to increase by 3.6% annualized. Forex traders can compare this to previous third-quarter Personal Consumption which increased by 3.6% annualized. The GDP Price Index for the third-quarter is predicted to increase by 1.7% annualized. Forex traders can compare this to the previous third-quarter GDP Price Index which increased by 1.7% annualized. The Core PCE for the third-quarter is predicted to increase by 1.5% annualized. Forex traders can compare this to the previous third-quarter Core PCE which increased by 1.5% annualized.
- US Preliminary Durable Goods Orders: US Preliminary Durable Goods Orders for November are predicted to decrease by 1.7% monthly and Durables Excluding Transportation are predicted to increase by 0.3% monthly. Forex traders can compare this to US Durable Goods Orders for October which decreased by 4.3% monthly and to Durables Excluding Transportation which increased by 0.2% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for November are predicted to increase by 0.2% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft are predicted to increase by 0.2% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for October which were reported flat at 0.0% monthly and to Capital Goods Shipments Non-Defense Excluding Aircraft which increased by 0.3% monthly.
- US Personal Income and Personal Spending: US Personal Income for November is predicted to increase by 0.3% monthly and Personal Spending is predicted to increase by 0.3% monthly. Forex traders can compare this to Personal Income for October which increased by 0.5% monthly and to Personal Spending which increased by 0.6% monthly. Real Personal Spending for November is predicted to increase by 0.3% monthly. Forex traders can compare this to Real Personal Spending for October which increased by 0.4% monthly. The PCE Deflator for November is predicted flat at 0.0% monthly and to increase by 1.8% annualized. Forex traders can compare this to the PCE Deflator for October which increased by 0.2% monthly and by 2.0% annualized. The PCE Core Deflator for November is predicted to increase by 0.2% monthly and by 1.9% annualized. Forex traders can compare this to the PCE Core Deflator for October which increased by 0.1% monthly and by 1.8% annualized.
- US Michigan Consumer Sentiment: Final US Michigan Consumer Sentiment for December is predicted at 97.6. Forex traders can compare this to previous US Michigan Consumer Confidence for December which was reported at 97.6. Final Current Conditions for December are predicted at 115.2 and Final Expectations are predicted at 86.1. Forex traders can compare this to previous Current Conditions for December which were reported at 115.2 and to Expectations which were reported at 86.1.
- US Kansas City Fed Manufacturing Activity Index: The US Kansas City Fed Manufacturing Activity Index for December is predicted at 15. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for November which was reported at 15.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Retail Sales: Canadian Retail Sales for October are predicted to increase by 0.5% monthly and Canadian Retail Sales Less Autos are predicted to increase by 0.2% monthly. Forex traders can compare this to Canadian Retail Sales for September which increased by 0.2% monthly and to Canadian Retail Sales Less Auto which increased by 0.1% monthly.
- Canadian GDP: The Canadian GDP for October is predicted to increase by 0.2% monthly and by 2.2% annualized. Forex traders can compare this to the Canadian GDP for September which decreased by 0.1% monthly and which increased by 2.1% annualized.
Should price action for the USDCAD remain inside the or breakdown below the 1.3495 to 1.3550 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3520
- Take Profit Zone: 1.3085 – 1.3160
- Stop Loss Level: 1.3600
Should price action for the USDCAD breakout above 1.3550 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3570
- Take Profit Zone: 1.3740 – 1.3790
- Stop Loss Level: 1.3495
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
