Here is the key factor to keep in mind today for US Dollar trades:
- US Housing Starts and Building Permits: US Housing Starts for May are expected to decrease by 1.9% monthly to 1,150K starts and Building Permits are expected to increase by 1.3% monthly to 1,145K permits. Forex traders can compare this to US Housing Starts for April which increased by 6.6% monthly to 1,172K starts and Building Permits which increased by 4.9% monthly to 1,130K permits.
Here is the key factor to keep in mind today for Canadian Dollar trades:
- Canadian CPI and Core CPI: The Canadian CPI for May is predicted to increase by 0.5% monthly and by 1.6% annualized. Forex traders can compare this to the Canadian CPI for April which increased by 0.3% monthly by 1.7% annualized. The Canadian Core CPI for May is predicted to increase by 0.3% monthly and by 2.1% annualized. Forex traders can compare this to the Canadian Core CPI for April which increased by 0.2% monthly by 2.2% annualized.
Should price action for the USDCAD remain inside the or breakdown below the 1.2900 to 1.2950 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2925
- Take Profit Zone: 1.2650 – 1.2700
- Stop Loss Level: 1.3000
Should price action for the USDCAD breakout above 1.2950 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2975
- Take Profit Zone: 1.3125 – 1.3175
- Stop Loss Level: 1.2900
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
