Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for April is predicted to show 190K job additions and an unemployment rate of 4.6%. Forex traders can compare this to the US NFP Report for March which showed 98K job additions and an unemployment rate of 4.5%. Private Payrolls for April are predicted to show 190K job additions and Manufacturing Payrolls 11K job additions. Forex traders can compare this to Private Payrolls for March which showed 89K job additions and Manufacturing Payrolls which showed 11K job additions. The Average Work Week for April is predicted at 34.4 hours. Forex traders can compare this to the Average Work Week for March which was reported at 34.3 hours. Average Hourly Earnings for April are predicted to increase by 0.3% monthly and by 2.7% annualized. Forex traders can compare this to Average Hourly Earnings for March which increased by 0.2% monthly and by 2.7% annualized.
- US Consumer Credit: US Consumer Credit for March is predicted at $14.500B. Forex traders can compare this to US Consumer Credit for February which was reported at $15.206B.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Employment Report: The Canadian Employment Report for April is predicted to show 10.0K job additions and an unemployment rate of 6.7%. Forex traders can compare this to the Canadian Employment Report for March which showed 19.4K job additions and an unemployment rate of 6.7%.
- Canadian Ivey PMI: The Canadian Ivey PMI for April is predicted at 62.3. Forex traders can compare this to the Canadian Ivey PMI for March which was reported at 61.1.
Should price action for the USDCAD remain inside the or breakdown below the 1.3750 to 1.3800 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3775
- Take Profit Zone: 1.3200 – 1.3300
- Stop Loss Level: 1.4000
Should price action for the USDCAD breakout above 1.3800 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3850
- Take Profit Zone: 1.4000 – 1.4100
- Stop Loss Level: 1.3750
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
