Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary French S&P Global Manufacturing PMI for April is predicted at 47.8, the Preliminary French S&P Global Services PMI at 53.4, and the Preliminary French S&P Global Composite PMI at 52.7. Forex traders can compare this to the French S&P Global Manufacturing PMI for March, reported at 47.3, the French S&P Global Services PMI at 53.9, and the French S&P Global Composite PMI at 52.7.
The Preliminary German S&P Global Manufacturing PMI for April is predicted at 45.7, the Preliminary German S&P Global Services PMI at 53.3, and the Preliminary German S&P Global Composite PMI at 52.7. Forex traders can compare this to the German S&P Global Manufacturing PMI for March, reported at 44.7, the German S&P Global Services PMI at 53.7, and the German S&P Global Composite PMI at 52.6.
The Preliminary Eurozone S&P Global Manufacturing PMI for April is predicted at 48.0, the Preliminary Eurozone S&P Global Services PMI at 54.5, and the Preliminary Eurozone S&P Global Composite PMI at 53.7. Forex traders can compare this to the Eurozone S&P Global Manufacturing PMI for March, reported at 47.3, the Eurozone S&P Global Services PMI at 55.0, and the Eurozone S&P Global Composite PMI at 53.7.
Canadian Retail Sales for February are predicted to decrease by 0.6% monthly, and Canadian Core Retail Sales by 0.1% monthly. Forex traders can compare this to Canadian Retail Sales for January, which rose by 1.4% monthly, and Canadian Core Retail Sales, which increased by 0.9% monthly.
Euro traders will also monitor speeches by the Vice-President of the European Central Bank, Luis de Guindos, and by the Executive Board and Vice-Chair of the Supervisory Board Member Frank Elderson, for any hints about monetary policy and their assessment of the state of the Eurozone economy.
The forecast for the EUR/CAD turned bearish after this currency pair formed an imperfect head-and-shoulder pattern, which is a bearish chart formation. While the Kijun-sen and the Tenkan-sen point higher, the Ichimoku Kinko Hyo Cloud shows signs of a potential contraction, which could magnify bearish pressures on price action. Traders should also monitor the CCI in extreme overbought territory, where a lower high could lead to a reversal and breakdown. A move below zero could accelerate the pending sell-off. Can bears overpower bulls and regain control over the EUR/CAD to pressure this currency pair into its horizontal support area?
Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the EUR/CAD remain inside the or breakdown below the 1.4765 to 1.4870 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4800
- Take Profit Zone: 1.4515 – 1.4585
- Stop Loss Level: 1.4900
Should price action for the EUR/CAD breakout above 1.4870, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4900
- Take Profit Zone: 1.4960 – 1.5035
- Stop Loss Level: 1.4870
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
