Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for September is predicted to show 80K job additions and an unemployment rate of 4.4%. Forex traders can compare this to the US NFP Report for August which showed 156K job additions and an unemployment rate of 4.4%. Private Payrolls for September are predicted to show 70K job additions and Manufacturing Payrolls 8K job additions. Forex traders can compare this to Private Payrolls for August which showed 165K job additions and Manufacturing Payrolls which showed 36K job additions. The Average Work Week for September is predicted at 34.4 hours. Forex traders can compare this to the Average Work Week for August which was reported at 34.4 hours. Average Hourly Earnings for September are predicted to increase by 0.3% monthly and by 2.5% annualized. Forex traders can compare this to Average Hourly Earnings for August which increased by 0.1% monthly and by 2.5% annualized.
- US Wholesale Inventories: US Final Wholesale Inventories for August are predicted to increase by 1.0% monthly. Forex traders can compare this to previous US Wholesale Inventories for August which increased by 1.0% monthly.
- US Consumer Credit: US Consumer Credit for August is predicted at $15.500B. Forex traders can compare this to US Consumer Credit for July which was reported at $18.499B.
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 12,0K jobs and an Unemployment Rate of 6.2%. Forex traders can compare this to the Canadian Employment Report for August which showed the creation of 22,2K jobs and an Unemployment Rate of 6.2%.
- Canadian Ivey PMI: The Canadian Ivey PMI for September is predicted at 57.1. Forex traders can compare this to the Canadian Ivey PMI for August which was reported at 56.3.
Should price action for the USDCAD remain inside the or breakdown below the 1.2580 to 1.2620 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2600
- Take Profit Zone: 1.2285 – 1.2325
- Stop Loss Level: 1.2775
Should price action for the USDCAD breakout above 1.2620 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2650
- Take Profit Zone: 1.2750 – 1.2775
- Stop Loss Level: 1.2580
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
