Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for December showed 312K job additions and an unemployment rate of 3.9%. Economists predicted a figure of 184K and of 3.7%. Forex traders can compare this to the US NFP Report for November which showed 176K job additions and an unemployment rate of 3.7%. Private Payrolls for December showed 301K job additions and Manufacturing Payrolls 32K job additions. Economists predicted a figure of 185K and of 20K. Forex traders can compare this to Private Payrolls for November which showed 173K job additions and Manufacturing Payrolls which showed 27K job additions. The Average Work Week for December was reported at 34.5 hours. Economists predicted a figure of 34.5 hours. Forex traders can compare this to the Average Work Week for November which was reported at 34.4 hours. Average Hourly Earnings for December increased by 0.4% monthly and by 3.2% annualized. Economists predicted an increase of 0.3% and of 3.0%. Forex traders can compare this to Average Hourly Earnings for November which increased by 0.2% monthly and by 3.1% annualized. The Labor Force Participation Rate for December was reported at 63.1%. Forex traders can compare this to the Labor Force Participation Rate for November which was reported at 62.9%.
- US Markit Services PMI and Markit Composite PMI: The US Final Markit Services PMI for December was reported at 54.4 and the US Final Markit Composite PMI was reported at 54.4. Forex traders can compare this to the previous US Markit Services PMI for December which was reported at 53.6 and to the previous US Markit Composite PMI which was reported at 53.4.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Employment Report: The Canadian Employment Report for December was reported at 9.3K. Economists predicted a figure of 10.0K. Forex traders can compare this to the Canadian Employment Report for November which was reported at 94.1K. 18.9K full-time positions were lost in December and 28.3K part-time positions were created. Forex traders can compare this to the creation of 89.9K full-time positions and the creation of 4.1K part-time positions which were reported in November. The unemployment rate for December was reported at 5.6%. Economists predicted a figure of 5,7%. Forex traders can compare this to the unemployment rate for November which was reported at 5.6%. Hourly Wage Rate Permanent Employees for December increased by 1.5% annualized. Economist predicted an increase of 1.6%. Forex traders can compare this to Hourly Wage Rate Permanent Employees for November which increased by 1.5% annualized. The labor force participation rate for December was reported at 65.4%. Economists predicted a figure of 65.4% Forex traders can compare this to the labor force participation rate for November which was reported at 65.4%.
- Canadian Industrial Product Price Index and Canadian Raw Materials Price Index: The Canadian Industrial Product Price Index for November decreased by 0.8% monthly and the Canadian Raw Materials Price Index decreased by 11.7% monthly. Forex traders can compare this to the Canadian Industrial Product Price Index for October which increased by 0.2% monthly and to the Canadian Raw Materials Price Index which decreased by 2.3% monthly.
Should price action for the USDCAD remain inside the or breakdown below the 1.3360 to 1.3400 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3390
- Take Profit Zone: 1.2970 – 1.3050
- Stop Loss Level: 1.3495
Should price action for the USDCAD breakout above 1.3400 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3415
- Take Profit Zone: 1.3600 – 1.3665
- Stop Loss Level: 1.3390
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