Here are the key factors to keep in mind today for US Dollar trades:
- US Trade Balance: The US Trade Balance for September is predicted at -$53.6B. Forex traders can compare this to the US Trade Balance for August which was reported at -$53.2B.
- US NFP Report: The US NFP Report for October is predicted to show 193K job additions and an unemployment rate of 3.7%. Forex traders can compare this to the US NFP Report for September which showed 134K job additions and an unemployment rate of 3.7%. Private Payrolls for October are predicted to show 190K job additions and Manufacturing Payrolls 18K job additions. Forex traders can compare this to Private Payrolls for September which showed 121K job additions and Manufacturing Payrolls which showed 18K job additions. The Average Work Week for October is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for September which was reported at 34.5 hours. Average Hourly Earnings for October are predicted to increase by 0.2% monthly and by 3.2% annualized. Forex traders can compare this to Average Hourly Earnings for September which increased by 0.3% monthly and by 2.8% annualized. The Labor Force Participation Rate for October is predicted at 62.7%. Forex traders can compare this to the Labor Force Participation Rate for September which was reported at 62.7%.
- US Factory Orders: US Factory Orders for September are predicted to increase by 0.5% monthly. Forex traders can compare this to US Factory Orders for August which increased by 2.3% monthly.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Employment Report: The Canadian Employment Report for October is predicted to show the addition of 12.5K jobs and an Unemployment Rate of 5.9%. Forex traders can compare this to the Canadian Employment Report for September which showed the addition of 63.3K jobs and an Unemployment Rate of 5.9%. Hourly Earnings for Permanent Employees for October are predicted to increase by 2.3% annualized. Forex traders can compare this to Hourly Earnings for Permanent Employees for September which increased by 2.2% annualized. 20K Full-Time Positions are expected to have been created and 4.1K Part-Time Positions are expected to have been lost October. Forex traders can compare this to the loss of 16.9K Full-Time Positions and to the addition of 80.2K Part-Time Positions which were reported in September. The Labor Force Participation Rate for October is expected at 65.4%. Forex traders can compare this to the Labor Force Participation Rate for September which was reported at 65.4%.
- Canadian International Merchandise Trade Balance: The Canadian International Merchandise Trade Balance for September is predicted at C$0.15B. Forex traders can compare this to the Canadian International Merchandise Trade Balance for August which was reported at C$0.53B.
Should price action for the USDCAD remain inside the or breakdown below the 1.3025 to 1.3100 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3055
- Take Profit Zone: 1.2780 – 1.2840
- Stop Loss Level: 1.3130
Should price action for the USDCAD breakout above 1.3100 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3145
- Take Profit Zone: 1.3225 – 1.3290
- Stop Loss Level: 1.3100
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
