Here are the key factors to keep in mind today for Euro trades:
- French Advanced GDP: The French Advanced GDP for the fourth-quarter increased by 0.4% quarterly and by 1.1% annualized. Economists predicted an increase of 0.4% quarterly and of 1.1% annualized. Forex traders can compare this to the previous French GDP report for the fourth-quarter which increased by 0.2% quarterly and which increased by 1.0% annualized.
- German Retail Sales: German Retail Sales for December decreased by 0.9% monthly and by 1.1% annualized. Economists predicted an increase of 0.6% monthly and of 0.5% annualized. Forex traders can compare this to German Retail Sales for November which decreased by 1.7% monthly and which increased by 3.5% annualized.
- German Unemployment Change and German Unemployment Rate: The German Unemployment Change for January was reported at -26K and the German Unemployment Rate at 5.9%. Economists predicted a reading of -5K and of 6.0%. Forex traders can compare this to the German Unemployment Change for December which was reported at -20K and to the German Unemployment Rate which was reported at 6.0%.
- Eurozone Unemployment Rate: The Eurozone Unemployment Rate for December is predicted at 9.8%. Forex traders can compare this to the Eurozone Unemployment Rate for November which was reported at 9.8%.
- Eurozone GDP: The advanced Eurozone GDP for the fourth-quarter is predicted to increase by 0.4% quarterly and by 1.7% annualized. Forex traders can compare this to the previous Eurozone GDP for the fourth-quarter which increased by 0.3% quarterly and by 1.7% annualized.
- Eurozone CPI and Eurozone Core CPI: The Eurozone CPI for January is predicted to increase by 1.% annualized and the Eurozone Core CPI is predicted to increase by 0.9% annualized. Forex traders can compare this to the Eurozone CPI for December which increased by 1.1% annualized and to the Eurozone Core CPI which increased by 0.9% annualized.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian GDP: The Canadian GDP for November is predicted to increase by 0.3% monthly and by 1.4% annualized. Forex traders can compare this to the Canadian GDP for October which decreased by 0.3% monthly and which increased by 1.5% annualized.
- Canadian Raw Materials Price Index and Industrial Product Price Index: The Canadian Raw Materials Price Index for December is predicted to increase by 2.8% monthly and the Industrial Product Price Index is predicted to increase by 0.6% monthly. Forex traders can compare this to the Canadian Raw Materials Price Index for November which decreased by 2.0% monthly and to the Industrial Product Price Index which increased by 0.3% monthly.
Should price action for the EURCAD remain inside the or breakout above the 1.4025 to 1.4075 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4050
- Take Profit Zone: 1.4800 – 1.4900
- Stop Loss Level: 1.3850
Should price action for the EURCAD breakdown below 1.4025 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3975
- Take Profit Zone: 1.3700 – 1.3800
- Stop Loss Level: 1.4075
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
