Here are the key factors to keep in mind today for Euro trades:
- German GDP: The Final German GDP for the fourth-quarter was reported flat at 0.0% quarterly and increased by 0.9% annualized. Economists predicted a flat reading of 0.0% quarterly and an increase of 0.9% annualized. Forex traders can compare this to the previous fourth-quarter German GDP report which was reported flat at 0.0% quarterly and which increased by 0.9% annualized. German Private Consumption for the fourth-quarter increased by 0.2%. Economists predicted an increase of 0.1% and an increase of 0.3%. Forex traders can compare this to third-quarter German Private Consumption which decreased by 0.3%. German Government Spending for the fourth-quarter increased by 1.6%. Economists predicted an increase of 0.6%. Forex traders can compare this to third-quarter German Government Spending which increased by 0.2%. German Capital Investment for the fourth-quarter increased by 0.9%. Economists predicted an increase of 0.7%. Forex traders can compare this to third-quarter German Capital Investment which increased by 0.8%.
- German IFO: The German IFO Business Climate Index for February is predicted at 98.9. Forex traders can compare this to the German IFO Business Climate Index for January which was reported at 99.1. The German IFO Current Assessment Index for February is predicted at 103.9. Forex traders can compare this to the German IFO Current Assessment Index for January which was reported at 104.3. The German IFO Expectations Index for February is predicted at 94.2. Forex traders can compare this to the German IFO Expectations Index for January which was reported at 94.2.
- Eurozone Final CPI: The Eurozone CPI for January is predicted to decrease by 1.1% monthly. Forex traders can compare this to the Eurozone CPI for December which was reported flat at 0.0% monthly. The Final Eurozone CPI for January is predicted to increase by 1.4% annualized and the Final Eurozone Core CPI is predicted to increase by 1.1% annualized. Forex traders can compare this to the previous Eurozone CPI for January which increased by 1.6% annualized and to the previous Eurozone Core CPI which increased by 1.1% annualized.
Here is the key factor to keep in mind today for Canadian Dollar trades:
- Canadian Retail Sales: Canadian Retail Sales for December are predicted to decrease by 0.3% monthly and Canadian Retail Sales Less Autos are predicted to decrease by 0.3% monthly. Forex traders can compare this to Canadian Retail Sales for November which decreased by 0.9% monthly and to Canadian Retail Sales Less Auto which decreased by 0.6% monthly.
Should price action for the EURCAD remain inside the or breakout above the 1.4980 to 1.5035 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4990
- Take Profit Zone: 1.5250 – 1.5320
- Stop Loss Level: 1.4915
Should price action for the EURCAD breakdown below 1.4980 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4945
- Take Profit Zone: 1.4735 – 1.4820
- Stop Loss Level: 1.4990
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
