Here are the key factors to keep in mind today for US Dollar trades:
- US ADP Employment Change: The US ADP Employment Change for February is predicted at 190K. Forex traders can compare this to the US ADP Employment Change for January which was reported at 213K.
- US Trade Balance: The US Trade Balance for December is predicted at -$57.8B. Forex traders can compare this to the US Trade Balance for November which was reported at -$49.3B.
- US Federal Reserve Beige Book: Forex traders will look forward to this report which covers all twelve Federal Reserve districts and consists of current economic conditions and challenges. It may provide an important indicator of how steep the US economy is slowing down. Volatility in the US Dollar is expected to increase as forex traders sort through the details of the Beige Book.
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 December is predicted at -C$1.70B. Forex traders can compare this to the Canadian International Merchandise Trade Balance for November which was reported at -C$2.06B.
- Canadian Labor Productivity: Canadian Labor Productivity for the fourth-quarter is predicted to increase by 0.2% quarterly. Forex traders can compare this to Canadian Labor Productivity for the third-quarter which increased by 0.3% quarterly.
- Bank of Canada Interest Rate Decision: The Bank of Canada is predicted to keep interest rates unchanged at 1.75%. Forex traders can compare this to the previous Bank of Canada Interest Rate Decision where interest rates were kept unchanged at 1.75%.
- Canadian Ivey PMI: The Canadian Ivey PMI for February is predicted at 55.1. Forex traders can compare this to the Canadian Ivey PMI for January which was reported at 54.7.
Should price action for the USDCAD remain inside the or breakdown below the 1.3345 to 1.3400 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3370
- Take Profit Zone: 1.3065 – 1.3110
- Stop Loss Level: 1.3445
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: 1.3370
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
