Here are the key factors to keep in mind today for Euro trades:
- German Retail Sales: German Retail Sales for June increased by 1.2% monthly and by 3.0% annualized. Economists predicted an increase of 1.0% monthly and of 1.5% annualized. Forex traders can compare this to German Retail Sales for May which decreased by 2.1% monthly by 1.6% annualized.
- German Unemployment Change and German Unemployment Rate: The German Unemployment Change for July was reported at -6K and the German Unemployment Rate at 5.2%. Economists predicted a reading of -10K and of 5.2%. Forex traders can compare this to the German Unemployment Change for June which was reported at -14K and to the German Unemployment Rate which was reported at 5.2%.
- Eurozone Unemployment Rate: The Eurozone Unemployment Rate for June is predicted at 8.3%. Forex traders can compare this to the Eurozone Unemployment Rate for May which was reported at 8.4%.
- Eurozone CPI and Eurozone Core CPI: The Eurozone CPI for July is predicted to increase by 2.0% annualized and the Eurozone Core CPI is predicted to increase by 1.0% annualized. Forex traders can compare this to the Eurozone CPI for June which increased by 2.0% annualized and to the Eurozone Core CPI which increased by 0.9% annualized.
- Eurozone GDP: The advanced Eurozone GDP for the second-quarter is predicted to increase by 0.4% quarterly and by 2.2% annualized. Forex traders can compare this to the previous Eurozone GDP for the second-quarter which increased by 0.4% quarterly and by 2.5% annualized.
- Italian GDP: The Preliminary Italian GDP for the second-quarter is predicted to increase by 0.2% quarterly and by 1.3% annualized. Forex traders can compare this to the Italian GDP for the first-quarter which increased by 0.3% quarterly and by 1.4% annualized.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Industrial Product Price Index and Canadian Raw Materials Price Index: The Canadian Industrial Product Price Index for June is predicted to increase by 0.2% monthly and the Canadian Raw Materials Price Index is predicted to increase by 2.7% monthly. Forex traders can compare this to the Canadian Industrial Product Price Index for May which increased by 1.0% monthly and to the Canadian Raw Materials Price Index which increased by 3.8% monthly.
- Canadian GDP: The Canadian GDP for May is predicted to increase by 0.3% monthly and by 2.3% annualized. Forex traders can compare this to the Canadian GDP for April which increased by 0.1% monthly and by 2.5% annualized.
Should price action for the EURCAD remain inside the or breakout above the 1.5250 to 1.5325 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5300
- Take Profit Zone: 1.6055 – 1.6150
- Stop Loss Level: 1.5170
Should price action for the EURCAD breakdown below 1.5250 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5210
- Take Profit Zone: 1.4815 – 1.4915
- Stop Loss Level: 1.5300
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