Here are the key factors to keep in mind today for US Dollar trades:
- US Trade Balance: The US Trade Balance for August is predicted at -$53.0B. Forex traders can compare this to the US Trade Balance for July which was reported at -$50.1B.
- US NFP Report: The US NFP Report for September is predicted to show 185K job additions and an unemployment rate of 3.8%. Forex traders can compare this to the US NFP Report for August which showed 201K job additions and an unemployment rate of 3.9%. Private Payrolls for September are predicted to show 180K job additions and Manufacturing Payrolls 13K job additions. Forex traders can compare this to Private Payrolls for August which showed 204K job additions and Manufacturing Payrolls which showed 3K job losses. The Average Work Week for September is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for August which was reported at 34.5 hours. Average Hourly Earnings for September are predicted to increase by 0.3% monthly and by 2.8% annualized. Forex traders can compare this to Average Hourly Earnings for August which increased by 0.4% monthly and by 2.9% annualized. The Labor Force Participation Rate for September is predicted at 62.7%. Forex traders can compare this to the Labor Force Participation Rate for August which was reported at 62.7%.
- US Consumer Credit: US Consumer Credit for August is predicted at $15.000B. Forex traders can compare this to US Consumer Credit for July which was reported at $16.640B.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Employment Report: The Canadian Employment Report for September is predicted to show the addition of 30.0K jobs and an Unemployment Rate of 5.9%. Forex traders can compare this to the Canadian Employment Report for August which showed the loss of 51.6K jobs and an Unemployment Rate of 6.0%. Hourly Earnings for Permanent Employees for September are predicted to increase by 2.6% annualized. Forex traders can compare this to Hourly Earnings for Permanent Employees for August which increased by 2.6% annualized. 15.0K Full-Time Positions and and 20.0K Part-Time Positions are expected to have been created September. Forex traders can compare this to the addition of 40.4K Full-Time Positions and to the loss of 92.0K Part-Time Positions which were reported in August. The Labor Force Participation Rate for September is expected at 65.4%. Forex traders can compare this to the Labor Force Participation Rate for August which was reported at 65.3%.
- Canadian International Merchandise Trade Balance: The Canadian International Merchandise Trade Balance for August is predicted at -C$0.50B. Forex traders can compare this to the Canadian International Merchandise Trade Balance for July which was reported at -C$0.11B.
Should price action for the USDCAD remain inside the or breakout above the 1.2885 to 1.2950 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2935
- Take Profit Zone: 1.3090 – 1.3225
- Stop Loss Level: 1.2810
Should price action for the USDCAD breakdown below 1.2885 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2850
- Take Profit Zone: 1.2685 – 1.2730
- Stop Loss Level: 1.2935
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
