Here are the key factors to keep in mind today for Euro trades:
- French Preliminary Markit PMI: The French Preliminary Markit Manufacturing PMI for July is predicted at 48.0. Forex traders can compare this to the first French Markit Manufacturing PMI for July which was reported at 48.3. The French Preliminary Markit Services PMI for July is predicted at 49.5. Forex traders can compare this to the first French Markit Services PMI for July which was reported at 49.9. The French Preliminary Markit Composite PMI for July is predicted at 49.2. Forex traders can compare this to the first French Markit Composite PMI for July which was reported at 49.6.
- German Preliminary Markit PMI: The German Preliminary Markit Manufacturing PMI for July is predicted at 53.4. Forex traders can compare this to the first German Markit Manufacturing PMI for July which was reported at 54.5. The German Preliminary Markit Services PMI for July is predicted at 53.2. Forex traders can compare this to the first German Markit Services PMI for July which was reported at 53.7. The German Preliminary Markit Composite PMI for July is predicted at 53.6. Forex traders can compare this to the first German Markit Composite PMI for July which was reported at 54.4.
- Eurozone Preliminary Markit PMI: The Eurozone Preliminary Markit Manufacturing PMI for July is predicted at 52.0. Forex traders can compare this to the first Eurozone Markit Manufacturing PMI for July which was reported at 52.8. The Eurozone Preliminary Markit Services PMI for July is predicted at 52.3. Forex traders can compare this to the first Eurozone Markit Services PMI for July which was reported at 52.8. The Eurozone Preliminary Markit Composite PMI for July is predicted at 52.5. Forex traders can compare this to the first Eurozone Markit Composite PMI for July which was reported at 53.1.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Retail Sales: Canadian Retail Sales for May are predicted flat at 0.0% monthly. Forex traders can compare this to Canadian Retail Sales for April which increased by 0.9% monthly. Canadian Retail Sales Less Autos for May are predicted to increase by 0.3% monthly. Forex traders can compare this to Canadian Retail Sales Less Autos for April which increased by 1.3% monthly.
- Canadian CPI and Core CPI: The Canadian CPI for June is predicted to increase by 0.1% monthly and by 1.4% annualized. Forex traders can compare this to the Canadian CPI for May which increased by 0.4% monthly by 1.5% annualized. The Canadian Core CPI for June is predicted to decrease by 0.1% monthly and to increase by 2.0% annualized. Forex traders can compare this to the Canadian Core CPI for May which increased by 0.3% monthly by 2.1% annualized.
Should price action for the EURCAD remain inside the or breakout above the 1.4425 to 1.4475 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4450
- Take Profit Zone: 1.5100– 1.5200
- Stop Loss Level: 1.4200
Should price action for the EURCAD breakdown below 1.4425 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4400
- Take Profit Zone: 1.4100– 1.4200
- Stop Loss Level: 1.4475
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