Here are the key factors to keep in mind today for US Dollar trades:
- US Markit Manufacturing PMI, Services PMI and Composite PMI: The Preliminary US Markit Manufacturing PMI for March is predicted at 53.6. Forex traders can compare this to the US Markit Manufacturing PMI for February which was reported at 53.0. The Preliminary US Markit Services PMI for March is predicted at 55.8. Forex traders can compare this to the US Markit Services PMI for February which was reported at 56.0. The Preliminary US Markit Composite PMI for March is predicted at 55.4. Forex traders can compare this to the US Markit Composite PMI for February which was reported at 55.5.
- US Wholesale Inventories: US Preliminary Wholesale Inventories for January are predicted to increase by 0.1% monthly. Forex traders can compare this to US Wholesale Inventories for December which increased by 1.1% monthly.
- US Existing Home Sales: US Existing Home Sales for February are predicted to increase by 3.2% monthly to 5.10M. Forex traders can compare this to US Existing Home Sales for January which decreased by 1.2% monthly to 4.94M.
- US Monthly Budget Statement: The US Monthly Budget Statement for February is predicted at -$227.0B. Forex traders can compare this to the US Monthly Budget Statement for January which was reported at $8.7B.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Retail Sales: Canadian Retail Sales for January are predicted to increase by 0.4% monthly and Canadian Retail Sales Less Autos are predicted to increase by 0.1% monthly. Forex traders can compare this to Canadian Retail Sales for December which decreased by 0.1% monthly and to Canadian Retail Sales Less Auto which decreased by 0.5% monthly.
- Canadian CPI: The Canadian CPI for February is predicted to increase by 0.6% monthly and by 1.4% annualized. Forex traders can compare this to the Canadian CPI for January which increased by 0.1% monthly and by 1.4% annualized. The Canadian Core CPI for February is predicted to increase by 1.8% annualized. Forex traders can compare this to the Canadian Core CPI for January which increased by 1.9% annualized. The Core CPI-Median for February is predicted to increase by 1.8% annualized and the Core CPI-Trim is predicted to increase by 1.8% annualized. Forex traders can compare this to the Core CPI-Median for January which increased by 1.8% annualized and to the Core CPI-Trim which increased by 1.9% annualized.
Should price action for the USDCAD remain inside the or breakdown below the 1.3355 to 1.3400 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3375
- Take Profit Zone: 1.3065 – 1.3110
- Stop Loss Level: 1.3465
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 @ 1.3425
- Take Profit Zone: 1.3600 – 1.3665
- Stop Loss Level: 1.3375
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