Here are the key factors to keep in mind today for US Dollar trades:
- US Employment Cost Index: The US Employment Cost Index for the fourth-quarter is predicted to increase by 0.8% quarterly. Forex traders can compare this to the US Employment Cost Index for the third-quarter which increased by 0.8% quarterly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of January 26th are predicted at 215K and US Continuing Claims for the week of January 19th are predicted at 1,725K. Forex traders can compare this to US Initial Jobless Claims for the week of January 19th which were reported at 199K and to US Continuing Claims for the week of January 12th which were reported at 1,713K.
- US Chicago PMI: The US Chicago PMI for January is predicted at 60.8. Forex traders can compare this to the US Chicago PMI for December which was reported at 63.8.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian GDP: The Canadian GDP for November is predicted to decrease by 0.1% monthly and to increase by 1.6% annualized. Forex traders can compare this to the Canadian GDP for October which increased by 0.3% monthly and by 2.2% annualized.
- Canadian Industrial Product Price Index and Canadian Raw Materials Price Index: The Canadian Industrial Product Price Index for December is predicted to increase by 0.2% monthly and the Canadian Raw Materials Price Index is predicted to increase by 4.0% monthly. Forex traders can compare this to the Canadian Industrial Product Price Index for November which decreased by 0.8% monthly and to the Canadian Raw Materials Price Index which decreased by 11.7% monthly.
Should price action for the USDCAD remain inside the or breakdown below the 1.3115 to 1.3150 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3135
- Take Profit Zone: 1.2885 – 1.2915
- Stop Loss Level: 1.3250
Should price action for the USDCAD breakout above 1.3150 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3180
- Take Profit Zone: 1.3330 – 1.3375
- Stop Loss Level: 1.3135
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
