Source: PaxForex Premium Analytics Portal, Fundamental Insight
The final French CPI for August is predicted to increase by 0.6% monthly and 1.9% annualized. Forex traders can compare this to the French CPI for July, which expanded by 0.2% monthly and 2.3% annualized. The Final French Harmonized CPI for August is predicted to rise by 0.6% monthly and by 2.2% annualized. Forex traders can compare this to the French Harmonized CPI for July, which increased by 0.2% monthly and 2.7% annualized.
Eurozone Industrial Production for July is predicted to drop by 0.6% monthly and 2.7% annualized. Forex traders can compare this to Eurozone Industrial Production for June, which decreased by 0.1% monthly and plunged by 3.9% annualized.
The Euro could experience volatility today after the Economic and Financial Affairs Council and the Eurogroup Meetings.
Canadian Wholesale Trade Sales for July are predicted to contract by 1.1% monthly. Forex traders can compare this to Canadian Wholesale Trade Sales for June, which dropped by 0.6% monthly.
The Canadian Capacity Utilization Rate for the second quarter is predicted at 78.8%. Forex traders can compare this to the Canadian Capacity Utilization Rate for the first quarter, reported at 78.5%.
The forecast for the EUR/CAD is bearish, with this currency pair trading at its horizontal resistance area. After completing a bearish crossover, the Tenkan-sen started to drift higher with the Kijun-sen flat. The Senkou Span A of the Ichimoku Kinko Hyo Cloud drifts lower and narrows the gap to the flat Senkou Span B. Traders should also monitor the CCI in extreme overbought territory, where it could record a lower high before reversing. A breakdown by this technical indicator below 100 could trigger a sell-off. Can bears regain control over the EUR/CAD and force price action 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 1.5030 to 1.5080 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5045
- Take Profit Zone: 1.4825 – 1.4900
- Stop Loss Level: 1.5100
Should price action for the EUR/CAD break out above 1.5080, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5100
- Take Profit Zone: 1.5155 – 1.5175
- Stop Loss Level: 1.080
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
