Here are the key factors to keep in mind today for US Dollar trades:

• US NFP Report: The US NFP Report for December is predicted to show 190K job additions and an unemployment rate of 4.1%. Forex traders can compare this to the US NFP Report for November which showed 228K job additions and an unemployment rate of 4.1%. Private Payrolls for December are predicted to show 193K job additions and Manufacturing Payrolls 18K job additions. Forex traders can compare this to Private Payrolls for November which showed 221K job additions and Manufacturing Payrolls which showed 31K job additions. The Average Work Week for December is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for November which was reported at 34.5 hours. Average Hourly Earnings for December are predicted to increase by 0.3% monthly and by 2.5% annualized. Forex traders can compare this to Average Hourly Earnings for November which increased by 0.2% monthly and by 2.5% annualized.
• US Trade Balance: The US Trade Balance for November is predicted at -$48.3B. Forex traders can compare this to the US Trade Balance for October which was reported at -$48.7B.
• US ISM Non-Manufacturing PMI: US ISM Non-Manufacturing PMI for December is predicted at 57.6. Forex traders can compare this to the US ISM Non-Manufacturing PMI for November which was reported at 57.4.
• US Factory Orders: US Factory Orders for November are predicted to increase by 1.4% monthly. Forex traders can compare this to US Factory Orders for October which decreased by 0.1% monthly.

Here are the key factors to keep in mind today for Canadian Dollar trades:

• Canadian International Merchandise Trade Balance: The Canadian International Merchandise Trade Balance for November is predicted at -C$1.20B. Forex traders can compare this to the Canadian International Merchandise Trade Balance for October which was reported at -C$1.47B.
• Canadian Employment Report: The Canadian Employment Report for December is predicted to show the addition of 2,000 jobs and an Unemployment Rate of 6.0%. Forex traders can compare this to the Canadian Employment Report for November which showed the creation of 79,500 jobs and an Unemployment Rate of 5.9%.
• Canadian Ivey PMI: The Canadian Ivey PMI for December is predicted at 62.2. Forex traders can compare this to the Canadian Ivey PMI for November which was reported at 63.0.

Should price action for the USDCAD remain inside the or breakdown below the 1.2480 to 1.2520 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.2500
• Take Profit Zone: 1.2080 – 1.2120
• Stop Loss Level: 1.2620

Should price action for the USDCAD breakout above 1.2520 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.2580
• Take Profit Zone: 1.2710 – 1.2735
• Stop Loss Level: 1.2520

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