Here are the key factors to keep in mind today for US Dollar trades:
- US ADP Employment Change: The US ADP Employment Change for November is predicted at 160K. Forex traders can compare this to the US ADP Employment Change for October which was reported at 147K.
- US Personal Income and Personal Spending: US Personal Income for October is predicted to increase by 0.4% monthly and Personal Spending is predicted to increase by 0.5% monthly. Forex traders can compare this to Personal Income for September which increased by 0.3% monthly and Personal Spending which increased by 0.5% monthly. Real Personal Spending for October is predicted to increase by 0.4% monthly. Forex traders can compare this to Real Personal Spending for September which increased by 0.3% monthly. The PCE Deflator for October is predicted to increase by 0.3% monthly and by 1.5% annualized. Forex traders can compare this to the PCE Deflator for September which increased by 0.2% monthly and by 1.2% annualized. The PCE Core Deflator for October is predicted to increase by 0.1% monthly and by 1.7% annualized. Forex traders can compare this to the PCE Core Deflator for September which increased by 0.1% monthly and by 1.7% annualized.
- US Chicago PMI: The US Chicago PMI for November is predicted at 52.5. Forex traders can compare this to the US Chicago PMI for October which was reported at 50.6.
- US Pending Home Sales: US Pending Home Sales for October are predicted to increase by 0.1% monthly and by 2.0% annualized. Forex traders can compare this to US Pending Home Sales for September which increased by 1.5% monthly and which increased by 2.0% annualized.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian GDP: The Canadian GDP for September is predicted to increase by 0.1% monthly, by 3.4% quarterly for the third-quarter and by 1.8% annualized. Forex traders can compare this to the Canadian GDP for August which increased by 0.2% monthly, which decreased by 1.6% quarterly for the second-quarter and which increased by 1.3% annualized.
- Canadian Raw Materials Price Index and Industrial Product Price Index: The Canadian Raw Materials Price Index for October is predicted to increase by 3.5% monthly and the Industrial Product Price Index is predicted to increase by 0.7% monthly. Forex traders can compare this to the Canadian Raw Materials Price Index for September which decreased by 0.1% monthly and to the Industrial Product Price Index which increased by 0.4% monthly.
Should price action for the USDCAD remain inside the or breakdown below the 1.3425 to 1.3475 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3450
- Take Profit Zone: 1.2750 – 1.2800
- Stop Loss Level: 1.3600
Should price action for the USDCAD breakout above 1.3475 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3500
- Take Profit Zone: 1.3600 – 1.3650
- Stop Loss Level: 1.3425
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
