Here are the key factors to keep in mind today for US Dollar trades:
- US PPI: The US PPI for January is predicted to increase by 0.1% monthly and by 2.1% annualized. Forex traders can compare this to the US PPI for December which decreased by 0.2% monthly and which increased by 2.5% annualized. The US Core PPI for January is predicted to increase by 0.2% monthly and by 2.5% annualized. Forex traders can compare this to the US Core PPI for December which decreased by 0.1% monthly and which increased by 2.7% annualized. The US Core PPI ex Trade for January is predicted to increase by 0.2% monthly and by 2.6% annualized. Forex traders can compare this to the US Core PPI ex Trade for December which was reported flat at 0.0% monthly and which increased by 2.8% annualized.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of February 9th are predicted at 225K and US Continuing Claims for the week of February 2nd are predicted at 1,739K. Forex traders can compare this to US Initial Jobless Claims for the week of February 2nd which were reported at 234K and to US Continuing Claims for the week of January 26th which were reported at 1,736K.
- US Advanced Retail Sales: US Advanced Retail Sales for December are predicted to increase by 0.1% monthly and Retail Sales Less Autos are predicted flat at 0.0% monthly. Forex traders can compare this to US Advanced Retail Sales for November which increased by 0.2% monthly and to Retail Sales Less Autos which increased by 0.2% monthly. Retail Sales Less Autos and Gas for December are predicted to increase by 0.4% monthly and Retail Sales Control Group are predicted to increase by 0.4% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for November which increased by 0.9% monthly and to Retail Sales Control Group which increased by 0.6% monthly.
- US Business Inventories: US Business Inventories for November are predicted to increase by 0.2% monthly. Forex traders can compare this to US Business Inventories for October which increased by 0.6% monthly.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Chinese Trade Balance: The Chinese Trade Balance for January was reported at $39.16B. Economists predicted a figure of $32.00B. Forex traders can compare this to the Chinese Trade Balance for December which was reported at $57.06B. Exports for January increased by 9.1% annualized and Imports decreased by 1.5% annualized. Economists predicted a decrease of 3.3% and of 10.2%. Forex traders can compare this to Exports for December which decreased by 4.4% annualized and to Imports which decreased by 7.6% annualized.
- Canadian Manufacturing Sales: Canadian Manufacturing Sales for December are predicted to increase by 0.7% monthly. Forex traders can compare this to Canadian Manufacturing Sales for November which decreased by 1.4% monthly.
- Canadian New Housing Price Index: The Canadian New Housing Price Index for December is predicted flat at 0.0% monthly and flat at 0.0% annualized. Forex traders can compare this to the Canadian New Housing Price Index for November which was reported flat at 0.0% monthly and flat at 0.0% annualized.
Should price action for the USDCAD remain inside the or breakdown below the 1.3230 to 1.3285 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3260
- Take Profit Zone: 1.2970 – 1.3045
- Stop Loss Level: 1.3325
Should price action for the USDCAD breakout above 1.3285 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3310
- Take Profit Zone: 1.3440 – 1.3495
- Stop Loss Level: 1.3260
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
