Source: PaxForex Premium Analytics Portal, Fundamental Insight
French Industrial Production for May is predicted to increase 0.8% monthly. Forex traders can compare this to Italian Industrial Production for April, which decreased 0.1% monthly. Italian Industrial Production for May is predicted to increase 0.3% monthly and 24.7% annualized. Forex traders can compare this to Italian Industrial Production for April, which increased 1.8% monthly and 79.5% annualized.
The Canadian Employment Report for June is predicted to show the addition of 195.0K jobs and an Unemployment Rate of 7.7%. Forex traders can compare this to the Canadian Employment Report for May, which showed the loss of 68.0K jobs and an Unemployment Rate of 8.2%
The forecast for the EUR/CAD turned bearish after this currency pair failed to push above its Ichimoku Kinko Hyo Cloud. Traders should expect more down downside with the Tenkan-sen and the Kijun-sen flat below the Ichimoku Kinko Hyo Cloud. Adding to a bearish scenario is the CCI, which spiked deep into extreme overbought territory. Traders should wait for a breakdown before entering their short positions, as this indicator has plenty of downside potential. Will bears awaken and force the EUR/CAD 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 1.4800 to 1.4860 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4830
- Take Profit Zone: 1.4580 – 1.4630
- Stop Loss Level: 1.4915
Should price action for the EUR/CAD breakout above 1.4860, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4915
- Take Profit Zone: 1.5000 – 1.5040
- Stop Loss Level: 1.4860
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.