Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Final Italian CPI for April is predicted to rise by 0.5% monthly and 8.3% annualized. Forex traders can compare this to the Italian CPI for March, which contracted by 0.4% monthly and surged 7.6% annualized. The Final Italian Harmonized CPI for April is predicted to accelerate by 1.0% monthly and 8.8% annualized. Forex traders can compare this to the Italian Harmonized CPI for March, which rose by 0.8% monthly and surged 8.1% annualized.
The German ZEW Survey Current Situation Index for May is predicted at -37.0, and the German ZEW Survey Economic Sentiment Index at -5.3. Forex traders can compare this to the German ZEW Survey Current Situation Index for April, reported at -32.5, and the German ZEW Survey Economic Sentiment Index reported at 4.1. The Eurozone ZEW Survey Economic Sentiment Index for May is predicted at -1.0. Forex traders can compare this to the Eurozone ZEW Survey Economic Sentiment Index for April, reported at 6.4.
Eurozone Employment for the first quarter is predicted to rise 0.3% quarterly and 0.4% annualized. Forex traders can compare this to Eurozone Employment for the fourth quarter, which increased 0.3% quarterly and 1.5% annualized.
The preliminary Eurozone GDP for the fourth quarter is predicted to increase by 0.1% quarterly and 1.3% annualized. Forex traders can compare this to the Eurozone GDP for the third quarter, which was flat at 0.0% quarterly and rose 1.8% annualized.
The Canadian CPI for April is predicted to increase by 0.4% monthly and 4.1% annualized. Forex traders can compare this to the Canadian CPI for March, which rose by 0.5% monthly and 4.3% annualized. The Canadian Core CPI for April is predicted to expand by 4.4% annualized. Forex traders can compare this to the Canadian Core CPI for March, which increased by 4.3% annualized. The Core CPI-Median for April is predicted to expand by 4.3% annualized, and the Core CPI-Trimmed by 4.1% annualized. Forex traders can compare this to the Core CPI-Median for March, which rose by 4.6% annualized, and to the Core CPI-Trimmed by 4.4% annualized.
Canadian Manufacturing Sales for March are predicted to increase by 0.7% monthly. Forex traders can compare this to Canadian Manufacturing Sales for February, which dropped 3.6% monthly.
The forecast for the EUR/CAD remains bullish after this currency pair corrected into its ascending Ichimoku Kinko Hyo Cloud. Volatility could rise after the Kijun-sen and the Tenkan-sen merged into a flat trend, but the Ichimoku Kinko Hyo Cloud provides ongoing upside momentum. Traders should also monitor the CCI following its breakout from extreme oversold territory. It could dip below -100 before accelerating higher. Can bulls maintain control over the EUR/CAD and drive price action into its horizontal resistance area and fresh 2023 highs? 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 1.4625 to 1.4710 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4660
- Take Profit Zone: 1.4990 – 1.5110
- Stop Loss Level: 1.4585
Should price action for the EUR/CAD breakdown below 1.4625, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4585
- Take Profit Zone: 1.4435 – 1.4510
- Stop Loss Level: 1.4625
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