Source: PaxForex Premium Analytics Portal, Fundamental Insight
The German Import Price Index for July is predicted to increase by 1.5% monthly and 29.9% annualized. Forex traders can compare this to the German Import Price Index for June, which rose 1.0% monthly and 29.9% annualized.
French Consumer Spending for July is predicted to decrease 0.3% monthly. Forex traders can compare this to French Consumer Spending for June, which increased by 0.2% monthly.
The Preliminary French CPI for August is predicted to rise 0.5% monthly and 6.1% annualized. Forex traders can compare this to the French CPI for July, which increased 0.3% monthly and 6.1% annualized. The French Harmonized CPI for August is predicted to rise 0.6% monthly and 6.7% annualized. Forex traders can compare this to the French Harmonized CPI for July, which increased 0.3% monthly and 6.8% annualized.
The Final French GDP for the second quarter is predicted to increase 0.5% quarterly and 4.2% annualized. Forex traders can compare this to the French GDP for the first quarter, which decreased 0.2% quarterly and rose 4.8% annualized.
The German Unemployment Change for August is predicted at 28.0K, and the German Unemployment Rate at 5.5%. Forex traders can compare this to the German Unemployment Change for July, reported at 48.0K, and the German Unemployment Rate, reported at 5.4%.
The Preliminary Italian CPI for August is predicted to expand 0.6% monthly and 8.1% annualized. Forex traders can compare this to the Italian CPI for July, which rose 0.4% monthly and 7.9% annualized. The Preliminary Italian Harmonized CPI for August is predicted to rise 0.1% monthly and 8.3% annualized. Forex traders can compare this to the Italian Harmonized CPI for July, which dropped 1.1% monthly and expanded 8.4% annualized.
The Eurozone CPI for August is predicted to surge by 9.0% annualized, and the Eurozone Core CPI by 4.1% annualized. Forex traders can compare this to the Eurozone CPI for July, which increased 8.9% annualized, and to the Eurozone Core CPI, which rose 4.0 annualized.
The Canadian GDP for June is predicted to increase 0.1% monthly and for the second quarter by 4.4% annualized. Forex traders can compare this to the Canadian GDP for May, which came in flat at 0.0% monthly, and to the first-quarter GDP, which rose 3.1% annualized.
The forecast for the EUR/CAD turned bullish after this currency pair bounced off its horizontal support area. It is now approaching its flat Ichimoku Kinko Hyo Cloud, where bulls and bears will fight for control over the next move, causing an expected volatility rise. The Kijun-sen flatlined, confirming the absence of short-term bearishness, while the Tenkan-sen drifts lower. Traders should monitor the CCI after its breakout from extreme oversold territory and above the zero level, as it has more upside potential. Can bulls keep pushing the EUR/CAD toward its next horizontal resistance 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 breakout above the 1.3075 to 1.3210 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3120
- Take Profit Zone: 1.3390 – 1.3475
- Stop Loss Level: 1.3000
Should price action for the EUR/CAD breakdown below 1.3075, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3000
- Take Profit Zone: 1.2800 – 1.2875
- Stop Loss Level: 1.3075
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