Here are the key factors to keep in mind today for Euro trades:
- German Retail Sales: German Retail Sales for January decreased by 0.7% monthly and increased by 2.7% annualized. Economists predicted an increase of 0.7% monthly and of 3.3% annualized. Forex traders can compare this to German Retail Sales for December which decreased by 1.3% monthly and by 1.9% annualized.
- German Import Price Index: The German Import Price Index for January increased by 0.5% monthly and by 0.7% annualized. Economists predicted an increase of 0.4% monthly and of 0.7% annualized. Forex traders can compare this to the German Import Price Index for December which increased by 0.3% monthly and by 1.1% annualized.
- Italian GDP: The Final Italian GDP for the fourth-quarter is predicted to increase by 0.3% quarterly and by 1.6% annualized. Forex traders can compare this to the previous Italian GDP for the fourth-quarter which increased by 0.3% quarterly and by 1.6% annualized.
- Eurozone PPI: The Eurozone PPI for January is predicted to increase by 0.4% monthly and by 1.6% annualized. Forex traders can compare this to the Eurozone PPI for December which increased by 0.2% monthly and by 2.2% annualized.
Here is the key factor to keep in mind today for Canadian trades:
- Canadian GDP: The Canadian GDP for December is predicted to increase by 0.1% monthly. Forex traders can compare this to the Canadian GDP for November which increased by 0.4% monthly. The Canadian GDP for the fourth-quarter is predicted to increase by 2.1% quarterly and by 3.4% annualized. Forex traders can compare this to the Canadian GDP for the third-quarter which increased by 1.7% quarterly and by 3.5% annualized.
Should price action for the EURCAD remain inside the or breakdown below the 1.5720 to 1.5780 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5750
- Take Profit Zone: 1.5370 – 1.5415
- Stop Loss Level: 1.5800
Should price action for the EURCAD breakout above 1.5780 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5810
- Take Profit Zone: 1.6040 – 1.6100
- Stop Loss Level: 1.5750
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
