Here is the key factor to keep in mind today for US Dollar trades:
- US Existing Home Sales: US Existing Home Sales for September are predicted to decrease by 0.9% monthly to 5.29M. Forex traders can compare this to US Existing Home Sales for August which were reported flat at 0.0% monthly to 5.34M.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Retail Sales: Canadian Retail Sales for August are predicted to increase by 0.4% monthly and Canadian Retail Sales Less Autos are predicted to increase by 0.2% monthly. Forex traders can compare this to Canadian Retail Sales for July which increased by 0.3% monthly and to Canadian Retail Sales Less Auto which increased by 0.9% monthly.
- Canadian CPI: The Canadian CPI for September is predicted to decrease by 0.1% monthly and to increase by 2.7% annualized. Forex traders can compare this to the Canadian CPI for August which decreased by 0.1% monthly and which increased by 3.8% annualized. The Canadian Core CPI for September is predicted to increase by 2.0% annualized. Forex traders can compare this to the Canadian Core CPI for August which increased by 2.0% annualized. The Core CPI-Median for September is predicted to increase by 2.2% annualized and the Core CPI-Trim is predicted to increase by 2.3% annualized. Forex traders can compare this to the Core CPI-Median for August which increased by 2.1% annualized and to the Core CPI-Trim which increased by 2.2% annualized.
Should price action for the USDCAD remain inside the or breakdown below the 1.3050 to 1.3085 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3060
- Take Profit Zone: 1.2780 – 1.2800
- Stop Loss Level: 1.3110
Should price action for the USDCAD breakout above 1.3085 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3010
- Take Profit Zone: 1.3175 – 1.3225
- Stop Loss Level: 1.3060
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
