Here are the key factors to keep in mind today for Euro trades:
- German Factory Orders: German Factory Orders for December decreased by 1.6% monthly and by 7.0% annualized. Economists predicted an increase of 0.3% monthly and a decrease of 6.7% annualized. Forex traders can compare this to German Factory Orders for November which decreased by 1.0% monthly and by 4.3% annualized.
- German Markit Construction PMI: The German Markit Construction PMI for January is predicted at 52.1. Forex traders can compare this to the German Markit Construction PMI for December which was reported at 53.3.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Building Permits: Canadian Building Permits for December are predicted to decrease by 1.0% monthly. Forex traders can compare this to Canadian Building Permits for November which increased by 2.6% monthly.
- Canadian Ivey PMI: The Canadian Ivey PMI for January is predicted at 56.4. Forex traders can compare this to the Canadian Ivey PMI for December which was reported at 59.7.
Should price action for the EURCAD remain inside the or breakout above the 1.4960 to 1.5030 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4990
- Take Profit Zone: 1.5300 – 1.5380
- Stop Loss Level: 1.4900
Should price action for the EURCAD breakdown below 1.4960 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4920
- 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.
