Here are the key factors to keep in mind today for Canadian Dollar trades:
Canadian Housing Starts: Canadian Housing Starts for May are predicted at 220.0K. Forex traders can compare this to Canadian Housing Starts for April which were reported at 214.4K.
Canadian Capacity Utilization Rate: The Canadian Capacity Utilization Rate for the first-quarter is predicted at 86.3%. Forex traders can compare this to the Canadian Capacity Utilization Rate for the fourth-quarter which was reported at 86.0%.
Canadian Employment Report: The Canadian Employment Report for May is predicted to show the addition of 22,000 jobs and an Unemployment Rate of 5.8%. Forex traders can compare this to the Canadian Employment Report for April which showed the loss of 1,100 jobs and an Unemployment Rate of 5.8%. The Participation Rate for May is predicted at 65.5%. Forex traders can compare this to the Participation Rate for April which was reported at 65.4%.
Here are the key factors to keep in mind today for Japanese Yen trades:
Japanese Current Account Balance and Trade Balance: The Japanese Current Account Balance for April was reported at ¥1,845.1B. Economists predicted a figure of ¥2,076.5B. Forex traders can compare this to the Japanese Current Account Balance for March which was reported at ¥3,122.3B. The Japanese Adjusted Current Account Balance for April was reported at ¥1,885.5B. Economists predicted a figure of ¥2,094.5B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for March which was reported at ¥1,772.3B. The Japanese Trade Balance for April was reported at ¥573.8B. Economists predicted a figure of ¥742.3B. Forex traders can compare this to the Japanese Trade Balance for March which was reported at ¥1,190.7B.
Should price action for the CADJPY remain inside the or breakdown below the 84.050 to 84.650 zone the following trade set-up is recommended:
Timeframe: D1
Recommendation: Short Position
Entry Level: Short Position @ 84.150
Take Profit Zone: 80.500 – 80.900
Stop Loss Level: 85.6000
Should price action for the CADJPY breakout above 84.650 the following trade set-up is recommended:
Timeframe: D1
Recommendation: Long Position
Entry Level: Long Position @ 84.900
Take Profit Zone: 86.500 – 87.100
Stop Loss Level: 84.300