Here are the key factors to keep in mind today for US Dollar trades:
- US New Home Sales: US New Home Sales for January are predicted to increase by 7.0% monthly to 574K new homes. Forex traders can compare this to US New Home Sales for December which decreased by 10.4% monthly to 536K new homes.
- US Michigan Consumer Confidence: Final US Michigan Consumer Confidence for February is predicted at 96.0. Forex traders can compare this to the previous US Michigan Consumer Confidence for February which was reported at 95.7.
Here is the key factor to keep in mind today for Canadian Dollar trades:
- Canadian CPI and Core CPI: The Canadian CPI for January is predicted to increase by 0.3% monthly and by 1.6% annualized. Forex traders can compare this to the Canadian CPI for December which decreased by 0.2% monthly and which increased by 1.5% annualized. The Canadian Core CPI for January is predicted to decrease by 0.1% monthly and to increase by 1.4% annualized. Forex traders can compare this to the Canadian Core CPI for December which decreased by 0.3% monthly and which increased by 1.6% annualized.
Should price action for the USDCAD remain inside the or breakdown below the 1.3050 to 1.3100 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3075
- Take Profit Zone: 1.2750 – 1.2800
- Stop Loss Level: 1.3200
Should price action for the USDCAD breakout above 1.3100 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3150
- Take Profit Zone: 1.3350 – 1.3400
- Stop Loss Level: 1.3050
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
