Here are the key factors to keep in mind today for Euro trades:
- French GDP: The Final French GDP for the first-quarter increased by 0.2% quarterly and by 2.2% annualized. Economists predicted an increase of 0.2% quarterly and of 2.2% annualized. Forex traders can compare this to the previous French GDP for the first-quarter which increased by 0.2% quarterly and by 2.2% annualized.
- French Manufacturing PMI, Services PMI and Composite PMI: The Preliminary French Markit Manufacturing PMI for June was reported at 53.1. Economists predicted a figure of 54.0. Forex traders can compare this to the French Markit Manufacturing PMI for for May which was reported at 54.4. The Preliminary French Markit Services PMI for June was reported at 56.4. Economists predicted a figure of 54.3. Forex traders can compare this to the French Markit Services PMI for for May which was reported at 54.3. The Preliminary French Markit Composite PMI for June was reported at 55.6. Economists predicted a figure of 54.2. Forex traders can compare this to the French Markit Composite PMI for for May which was reported at 54.2.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for June was reported at 55.9. Economists predicted a figure of 56.2. Forex traders can compare this to the German Markit Manufacturing PMI for for May which was reported at 56.9. The Preliminary German Markit Services PMI for June was reported at 53.9. Economists predicted a figure of 52.2. Forex traders can compare this to the German Markit Services PMI for for May which was reported at 52.1. The Preliminary German Markit Composite PMI for June was reported at 54.2. Economists predicted a figure of 53.3. Forex traders can compare this to the German Markit Composite PMI for for May which was reported at 53.4.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for June was reported at 55.0. Economists predicted a figure of 55.0. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for May which was reported at 55.5. The Preliminary Eurozone Markit Services PMI for June was reported at 55.0. Economists predicted a figure of 53.8. Forex traders can compare this to the Eurozone Markit Services PMI for for May which was reported at 53.8. The Preliminary Eurozone Markit Composite PMI for June was reported at 54.8. Economists predicted a figure of 53.9. Forex traders can compare this to the Eurozone Markit Composite PMI for for May which was reported at 54.1.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Retail Sales: Canadian Retail Sales for April are predicted flat at 0.0% monthly. Forex traders can compare this to Canadian Retail Sales for March which increased by 0.6% monthly. Canadian Retail Sales Less Autos for April are predicted to increase by 0.6% monthly. Forex traders can compare this to Canadian Retail Sales Less Autos for March which decreased by 0.2% monthly.
- Canadian CPI: The Canadian CPI for May is predicted to increase by 0.4% monthly and by 2.6% annualized. Forex traders can compare this to the Canadian CPI for April which increased by 0.3% monthly and by 2.2% annualized. The Canadian Core CPI for May is predicted to increase by 2.0% annualized. Forex traders can compare this to the Canadian Core CPI for April which increased by 1.9% annualized. The Core CPI-Median for May is predicted to increase by 2.1% annualized and the Core CPI-Trim is predicted to increase by 2.1% annualized. Forex traders can compare this to the Core CPI-Median for April which increased by 2.1% annualized and to the Core CPI-Trim which increased by 2.1% annualized.
Should price action for the EURCAD remain inside the or breakout above the 1.5400 to 1.5510 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5460
- Take Profit Zone: 1.6085 – 1.6150
- Stop Loss Level: 1.5360
Should price action for the EURCAD breakdown below 1.5400 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5355
- Take Profit Zone: 1.4920 – 1.5015
- Stop Loss Level: 1.5460
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