Source: PaxForex Premium Analytics Portal, Fundamental Insight
German Retail Sales for October rose by 0.1% monthly and decreased by 1.1% annualized. Economists predicted a rise of 0.4% and a drop of 2.0%. Forex traders can compare this to German Retail Sales for September, which decreased by 0.8% monthly and 4.3% annualized.
French Consumer Spending for October is predicted to decrease 0.2% monthly. Forex traders can compare this to French Consumer Spending for September, which increased 0.2% monthly.
The Preliminary French CPI for November is predicted to rise by 0.1% monthly and by 4.0% annualized. Forex traders can compare this to the French CPI for October, which increased by 0.1% monthly and 4.0% annualized. The French Harmonized CPI for November is predicted to decrease by 0.1% monthly and expand by 4.1% annualized. Forex traders can compare this to the French Harmonized CPI for October, which increased by 0.2% monthly and 4.5% annualized.
The Final French GDP for the third quarter is predicted to increase 0.1% quarterly and 0.7% annualized. Forex traders can compare this to the French GDP for the second quarter, which rose 0.5% quarterly and 0.9% annualized.
The German Unemployment Change for November is predicted at 22.0K, and the German Unemployment Rate at 5.8%. Forex traders can compare this to the German Unemployment Change for October, reported at 30.0K, and the German Unemployment Rate, reported at 5.8%.
The Italian Unemployment Rate for October is predicted at 7.5%. Forex traders can compare this to the Italian Unemployment Rate for September, reported at 7.4%.
The Preliminary Italian CPI for November is predicted to decrease by 0.2% monthly and increase by 1.7% annualized. Forex traders can compare this to the Italian CPI for October, which dropped by 0.2% monthly and rose by 1.7% annualized. The Preliminary Italian Harmonized CPI for November is predicted to expand by 0.1% monthly and 1.4% annualized. Forex traders can compare this to the Italian Harmonized CPI for October, which rose 0.1% monthly and accelerated by 1.8% annualized.
The Eurozone CPI for November is predicted to rise by 2.7% annualized and the Eurozone Core CPI by 3.9%. Forex traders can compare this to the Eurozone CPI for October, which increased 2.9% annualized, and the Eurozone Core CPI, which rose 4.2% annualized.
The Eurozone Unemployment Rate for October is predicted at 6.5%. Forex traders can compare this to the Eurozone Unemployment Rate for September, reported at 6.5%.
The Canadian GDP for September is predicted flat at 0.0% monthly and increase by 0.2% for the third quarter. Forex traders can compare this to the Canadian GDP for August, which was flat at 0.0% monthly and decreased by 0.2% for the second quarter.
The forecast for the EUR/CAD is cautiously bearish after the Kijun-sen and the Tenkan-sen have flatlined with this currency pair at resistance. Volatility could increase as the Ichimoku Kinko Hyo Cloud maintains its uptrend. Traders should also monitor the CCI following its double breakdown from extreme overbought territory and below zero. This technical indicator has more downside potential and could lead this currency pair lower. Can bears maintain control over the EUR/CAD and force 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 1.4865 to 1.4945 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4900
- Take Profit Zone: 1.4490 – 1.4575
- Stop Loss Level: 1.5045
Should price action for the EUR/CAD breakout above 1.4945, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5045
- Take Profit Zone: 1.5155 – 1.5210
- Stop Loss Level: 1.4945
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