Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for November is predicted to show 198K job additions and an unemployment rate of 3.7%. Forex traders can compare this to the US NFP Report for October which showed 250K job additions and an unemployment rate of 3.7%. Private Payrolls for November are predicted to show 200K job additions and Manufacturing Payrolls 19K job additions. Forex traders can compare this to Private Payrolls for October which showed 246K job additions and Manufacturing Payrolls which showed 32K job additions. The Average Work Week for November is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for October which was reported at 34.5 hours. Average Hourly Earnings for November are predicted to increase by 0.3% monthly and by 3.1% annualized. Forex traders can compare this to Average Hourly Earnings for October which increased by 0.2% monthly and by 3.1% annualized. The Labor Force Participation Rate for November is predicted at 62.9%. Forex traders can compare this to the Labor Force Participation Rate for October which was reported at 62.9%.
- US Wholesale Inventories: US Final Wholesale Inventories for October are predicted to increase by 0.7% monthly. Forex traders can compare this to previous US Wholesale Inventories for October which increased by 0.7% monthly.
- US Michigan Consumer Sentiment: Preliminary US Michigan Consumer Sentiment for December is predicted at 97.1. Forex traders can compare this to US Michigan Consumer Confidence for November which was reported at 97.5. Preliminary Current Conditions for December are expected at 113.1 and Preliminary Expectations are predicted at 88.3. Forex traders can compare this to Current Conditions for November which were reported at 112.3 and to Expectations which were reported at 88.1.
- US Consumer Credit: US Consumer Credit for October is predicted at $15.000B. Forex traders can compare this to US Consumer Credit for September which was reported at $10.923B.
Here is the key factor to keep in mind today for Canadian Dollar trades:
- Canadian Employment Report: The Canadian Employment Report for November is predicted to show the addition of 10,000 jobs and an Unemployment Rate of 5.8%. Forex traders can compare this to the Canadian Employment Report for October which showed the creation of 11,200 jobs and an Unemployment Rate of 5.8%. The Participation Rate for November is predicted at 65.2%. Forex traders can compare this to the Participation Rate for October which was reported at 65.2%. Hourly Earnings for Permanent Employees for November are predicted to increase by 1.8% annualized. Forex traders can compare this to Hourly Earnings for Permanent Employees for October which increased by 1.9% annualized.
Should price action for the USDCAD remain inside the or breakdown below the 1.3350 to 1.3440 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3400
- Take Profit Zone: 1.2970 – 1.3080
- Stop Loss Level: 1.3540
Should price action for the USDCAD breakout above 1.3440 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3470
- Take Profit Zone: 1.3700 – 1.3790
- Stop Loss Level: 1.3400
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
