Here are the key factors to keep in mind today for US Dollar trades:
- US Personal Income and Personal Spending: US Personal Income for May is predicted to increase by 0.3% monthly and Personal Spending is predicted to increase by 0.1% monthly. Forex traders can compare this to Personal Income for April which increased by 0.4% monthly and Personal Spending which increased by 0.4% monthly. Real Personal Spending for May is predicted to increase by 0.2% monthly. Forex traders can compare this to Real Personal Spending for April which increased by 0.2% monthly. The PCE Deflator for May is predicted to decrease by 0.1% monthly and to increase by 1.5% annualized. Forex traders can compare this to the PCE Deflator for April which increased by 0.2% monthly and by 1.7% annualized. The PCE Core Deflator for May is predicted to increase by 0.1% monthly and by 1.4% annualized. Forex traders can compare this to the PCE Core Deflator for April which increased by 0.2% monthly and by 1.5% annualized.
- US Chicago PMI: The US Chicago PMI for June is predicted at 58.0. Forex traders can compare this to the US Chicago PMI for May which was reported at 59.4.
- US Michigan Consumer Confidence: Final US Michigan Consumer Confidence for June is predicted at 94.5. Forex traders can compare this to the previous US Michigan Consumer Confidence for June which was reported at 94.5.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian GDP: The Canadian GDP for April is predicted to increase by 0.2% monthly and by 3.4% annualized. Forex traders can compare this to the Canadian GDP for March which increased by 0.5% monthly and by 3.2% annualized.
- Canadian Raw Materials Price Index and Industrial Product Price Index: The Canadian Raw Materials Price Index for May is predicted to decrease by 1.0% monthly and the Industrial Product Price Index is predicted to increase by 0.3% monthly. Forex traders can compare this to the Canadian Raw Materials Price Index for April which increased by 1.6% monthly and to the Industrial Product Price Index which increased by 0.6% monthly.
Should price action for the USDCAD remain inside the or breakout above the 1.2960 to 1.2990 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2970
- Take Profit Zone: 1.3260 – 1.3300
- Stop Loss Level: 1.2900
Should price action for the USDCAD breakdown below 1.2960 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2930
- Take Profit Zone: 1.2760 – 1.2800
- Stop Loss Level: 1.2990
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
