Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for June is predicted to show 195K job additions and an unemployment rate of 3.8%. Forex traders can compare this to the US NFP Report for May which showed 223K job additions and an unemployment rate of 3.8%. Private Payrolls for June are predicted to show 190K job additions and Manufacturing Payrolls 15K job additions. Forex traders can compare this to Private Payrolls for May which showed 218K job additions and Manufacturing Payrolls which showed 18K job additions. The Average Work Week for June is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for May which was reported at 34.5 hours. Average Hourly Earnings for June are predicted to increase by 0.3% monthly and by 2.8% annualized. Forex traders can compare this to Average Hourly Earnings for May which increased by 0.3% monthly and by 2.7% annualized. The Labor Force Participation Rate for June is predicted at 62.7%. Forex traders can compare this to the Labor Force Participation Rate for May which was reported at 62.7%.
- US Trade Balance: The US Trade Balance for May is predicted at -$43.6B. Forex traders can compare this to the US Trade Balance for April which was reported at -$46.2B.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Employment Report: The Canadian Employment Report for June is predicted to show the addition of 20,000 jobs and an Unemployment Rate of 5.8%. Forex traders can compare this to the Canadian Employment Report for May which showed the loss of 7,500 jobs and an Unemployment Rate of 5.8%. Hourly Earnings for Permanent Employees for June are predicted to increase by 3.7% annualized. Forex traders can compare this to Hourly Earnings for Permanent Employees for May which increased by 3.9% annualized. 30,000 Full-Time Positions are expected to have been created and 10,000 Part-Time Positions are expected to have been lost in June. Forex traders can compare this to the loss of 31,600 Full-Time Positions and to the creation of 23,600 Part-Time Positions which were reported in May. The Labor Force Participation Rate for June is expected at 65.4%. Forex traders can compare this to the Labor Force Participation Rate for May which was reported at 65.3%.
- Canadian International Merchandise Trade Balance: The Canadian International Merchandise Trade Balance for May is predicted at -C$2.20B. Forex traders can compare this to the Canadian International Merchandise Trade Balance for April which was reported at -C$1.90B.
Should price action for the USDCAD remain inside the or breakdown below the 1.3110 to 1.3160 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3140
- Take Profit Zone: 1.2525 – 1.2600
- Stop Loss Level: 1.3225
Should price action for the USDCAD breakout above 1.3160 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3185
- Take Profit Zone: 1.3350 – 1.3385
- Stop Loss Level: 1.3110
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