Here is the key factor to keep in mind today for Euro trades:
- German Factory Orders: German Factory Orders for January decreased by 2.6% monthly and by 3.9% annualized. Economists predicted an increase of 0.5% monthly and a decrease of 3.1% annualized. Forex traders can compare this to German Factory Orders for December which decreased by 1.6% monthly and by 7.0% annualized.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Chinese Trade Balance: The Chinese Trade Balance for February was reported at $4.12B. Economists predicted a figure of $26.20B. Forex traders can compare this to the Chinese Trade Balance for January which was reported at $39.16B. Exports for February decreased by 20.7% annualized and Imports decreased by 5.2% annualized. Economists predicted a decrease of 5.0% and of 0.6%. Forex traders can compare this to Exports for January which increased by 9.1% annualized and to Imports which decreased by 1.5% annualized.
- Canadian Housing Starts: Canadian Housing Starts for February are predicted at 203.5K. Forex traders can compare this to Canadian Housing Starts for January which were reported at 208.0K.
- Canadian Capacity Utilization Rate: The Canadian Capacity Utilization Rate for the fourth-quarter is predicted at 82.1%. Forex traders can compare this to the Canadian Capacity Utilization Rate for the third-quarter which was reported at 82.6%.
- Canadian Employment Report: The Canadian Employment Report for February is predicted to show the loss of 2.5K jobs and an Unemployment Rate of 5.8%. Forex traders can compare this to the Canadian Employment Report for January which showed the addition of 66.8K jobs and an Unemployment Rate of 5.8%. Hourly Earnings for Permanent Employees for February are predicted to increase by 1.9% annualized. Forex traders can compare this to Hourly Earnings for Permanent Employees for January which increased by 1.8% annualized. 0 Full-Time Positions are expected to have been created and 6.4K Part-Time Positions are expected to have been lost in February. Forex traders can compare this to the creation of 30.9K Full-Time Positions and to the addition of 36.0K Part-Time Positions which were reported in January. The Labor Force Participation Rate for February is expected at 65.5%. Forex traders can compare this to the Labor Force Participation Rate for January which was reported at 65.6%.
Should price action for the EURCAD remain inside the or breakout above the 1.5040 to 1.5120 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5075
- Take Profit Zone: 1.5300 – 1.5375
- Stop Loss Level: 1.4960
Should price action for the EURCAD breakdown below 1.5040 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4965
- Take Profit Zone: 1.4760 – 1.4835
- Stop Loss Level: 1.5040
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
