Here are the key factors to keep in mind today for US Dollar trades:
- US Import and Export Price Index: The US Import Price Index for April is predicted to increase by 0.5% monthly and by 3.9% annualized. Forex traders can compare this to the US Import Price Index for March which was reported flat at 0.0% monthly and which increased by 3.6% annualized. The US Import Price Index excluding Petroleum for April is predicted to increase by 0.2% monthly. Forex traders can compare this to the US Import Price Index excluding Petroleum for March which increased by 0.1% monthly. The US Export Price Index for April is predicted to increase by 0.4% monthly and by 3.6% annualized. Forex traders can compare this to the US Export Price Index for March which increased by 0.3% monthly and by 3.4% annualized.
- US Michigan Consumer Sentiment: Preliminary US Michigan Consumer Sentiment for May is predicted at 98.4. Forex traders can compare this to US Michigan Consumer Confidence for April which was reported at 98.8. Preliminary Current Conditions for May are expected at 115.7 and Preliminary Expectations are predicted at 88.0. Forex traders can compare this to Current Conditions for April which were reported at 114.9 and to Expectations which were reported at 88.4.
Here is the key factor to keep in mind today for Canadian Dollar trades:
- Canadian Employment Report: The Canadian Employment Report for April is predicted to show the addition of 20,500 jobs and an Unemployment Rate of 5.8%. Forex traders can compare this to the Canadian Employment Report for March which showed the creation of 32,300 jobs and an Unemployment Rate of 5.8%. Hourly Earnings for Permanent Employees for April are predicted to increase by 3.3% annualized. Forex traders can compare this to Hourly Earnings for Permanent Employees for March which increased by 3.1% annualized.
Should price action for the USDCAD remain inside the or breakdown below the 1.2740 to 1.2780 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2760
- Take Profit Zone: 1.2450 – 1.2525
- Stop Loss Level: 1.2825
Should price action for the USDCAD breakout above 1.2780 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2800
- Take Profit Zone: 1.3000 – 1.3045
- Stop Loss Level: 1.2740
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