Here are the key factors to keep in mind today for US Dollar trades:
- US PPI: The US PPI for April is predicted to increase by 0.2% monthly and by 2.3% annualized. Forex traders can compare this to the US PPI for March which increased by 0.6% monthly and 2.2% annualized. The US Core PPI for April is predicted to increase by 0.2% monthly and by 2.5% annualized. Forex traders can compare this to the US Core PPI for March which increased by 0.3% monthly and by 2.4% annualized. The US Core PPI ex Trade for April is predicted to increase by 0.2% monthly and by 2.2% annualized. Forex traders can compare this to the US Core PPI ex Trade for March which was reported flat at 0.0% monthly and which increased by 2.0% annualized.
- US Trade Balance: The US Trade Balance for March is predicted at -$51.1B. Forex traders can compare this to the US Trade Balance for February which was reported at -$49.4B.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of May 4th are predicted at 220K and US Continuing Claims for the week of April 27th are predicted at 1,670K. Forex traders can compare this to US Initial Jobless Claims for the week of April 27th which were reported at 230K and to US Continuing Claims for the week of April 20th which were reported at 1,671K.
- US Wholesale Inventories: US Final Wholesale Inventories for March are predicted flat at 0.0% monthly. Forex traders can compare this to previous US Wholesale Inventories for March which were reported flat at 0.0% monthly.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Chinese PPI and Chinese CPI: The Chinese PPI for April increased by 0.9% annualized and the Chinese CPI increased by 2.5% annualized. Economists predicted an increase of 0.6% and of 2.5%. Forex traders can compare this to the Chinese PPI for March which increased by 0.4% annualized and to the Chinese CPI which increased by 2.3% annualized.
- Chinese Aggregate Financing: Chinese Aggregate Financing for April was reported at CNY1,360.0B. Economists predicted a figure of CNY1,650.0B. Forex traders can compare this to Chinese Aggregate Financing for March which was reported at CNY2,859.3B.
- Chinese New Yuan Loans: Chinese New Yuan Loans for April were reported at CNY1,020.0B. Economists predicted a figure of CNY1,200.0B. Forex traders can compare this to Chinese New Yuan Loans for March which were reported at CNY1,690.0B.
- Chinese Money Supply M0, M1 and M2: Chinese Money Supply M0 for April increased by 3.5% annualized. Economists predicted an increase of 3.0% annualized. Forex traders can compare this to Chinese Money Supply M0 for March which increased by 3.1% annualized. Chinese Money Supply M1 for April increased by 2.9% annualized. Economists predicted an increase of 4.3% annualized. Forex traders can compare this to Chinese Money Supply M1 for March which increased by 4.6% annualized. Chinese Money Supply M2 for April increased by 8.5% annualized. Economists predicted an increase of 8.5% annualized. Forex traders can compare this to Chinese Money Supply M2 for March which increased by 8.6% annualized.
- Canadian New Housing Price Index: The Canadian New Housing Price Index for March is predicted flat at 0.0% monthly and to increase by 0.1% annualized. Forex traders can compare this to the Canadian New Housing Price Index for February which was reported flat at 0.0% monthly and which increased by 0.1% annualized.
- Canadian International Merchandise Trade Balance: The Canadian International Merchandise Trade Balance for March is predicted at -C$2.30B. Forex traders can compare this to the Canadian International Merchandise Trade Balance for February which was reported at -C$2.90B.
Should price action for the USDCAD remain inside the or breakdown below the 1.3470 to 1.3520 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3490
- Take Profit Zone: 1.3250 – 1.3330
- Stop Loss Level: 1.3565
Should price action for the USDCAD breakout above 1.3520 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3570
- Take Profit Zone: 1.3600 – 1.3665
- Stop Loss Level: 1.3520
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
