Here are the key factors to keep in mind today for US Dollar trades:

• US Housing Starts and Building Permits: US Housing Starts for August are predicted to increase by 1.7% monthly to 1,175K starts and Building Permits are predicted to decrease by 0.8% monthly to 1,220K permits. Forex traders can compare this to US Housing Starts for July which decreased by 4.8% monthly to 1,155K starts and Building Permits which decreased by 4.1% monthly to 1,223K permits.
• US Current Account Balance: The US Current Account Balance for the second-quarter is predicted at -$115.0B. Forex traders can compare this to the US Current Account Balance for the first-quarter which was predicted at -$116.8B.
• US Import Price Index: The US Import Price Index for August is predicted to increase by 0.4% monthly and by 2.1% annualized. Forex traders can compare this to the US Import Price Index for July which increased by 0.1% monthly and by 1.5% annualized. The US Import Price Index excluding Petroleum for August is predicted to increase by 0.2% monthly. Forex traders can compare this to the US Import Price Index excluding Petroleum for July which was reported flat at 0.0% monthly. The US Export Price Index for August is predicted to increase by 0.2% monthly and by 1.1% annualized. Forex traders can compare this to the US Export Price Index for July which increased by 0.4% monthly and by 0.8% annualized.

Here is the key factor to keep in mind today for Canadian Dollar trades:

• Canadian Manufacturing Shipments: Canadian Manufacturing Shipments for July are predicted to decrease by 0.7% monthly. Forex traders can compare this to Canadian Manufacturing Shipments for June which decreased by 1.8% monthly.

Should price action for the USDCAD remain inside the or breakout above the 1.2270 to 1.2300 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.2285
• Take Profit Zone: 1.2630 – 1.2660
• Stop Loss Level: 1.2120

Should price action for the USDCAD breakdown below 1.2270 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.2245
• Take Profit Zone: 1.2060 – 1.2100
• Stop Loss Level: 1.2285

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.