Here are the key factors to keep in mind today for Euro trades:
- German Wholesale Price Index: The German Wholesale Price Index for April increased by 0.5% monthly and by 1.4% annualized. Forex traders can compare this to the German Wholesale Price Index for March which was reported flat at 0.0% monthly and which increased by 1.2% annualized.
- German PPI: The German PPI for April increased by 0.5% monthly and by 2.0% annualized. Economists predicted an increase of 0.3% monthly and of 1.8% annualized. Forex traders can compare this to the German PPI for March which increased by 0.1% monthly and by 1.9% annualized.
- Eurozone Current Account: The Eurozone Current Account (s.a.) for March was reported at €32.0B and the Eurozone Current Account (n.s.a) was reported at €40.6B. Forex traders can compare this to the Eurozone Current Account (s.a.) for February which was reported at €36.8B and to the Eurozone Current Account (n.s.a.) which was reported at €24.2B.
- Eurozone Trade Balance: The Eurozone Trade Balance for March was reported at €21.2B. Economists predicted a figure of €21.1B. Forex traders can compare this to the Eurozone Trade Balance for February which was reported at €21.0B.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Retail Sales: Canadian Retail Sales for March are predicted to increase by 0.4% monthly. Forex traders can compare this to Canadian Retail Sales for February which increased by 0.4% monthly. Canadian Retail Sales Less Autos for March are predicted to increase by 0.5% monthly. Forex traders can compare this to Canadian Retail Sales Less Autos for February which were reported flat at 0.0% monthly.
- Canadian CPI: The Canadian CPI for April is predicted to increase by 0.3% monthly and by 2.3% annualized. Forex traders can compare this to the Canadian CPI for March which increased by 0.3% monthly and by 2.3% annualized. The Canadian Core CPI for April is predicted to increase by 1.9% annualized. Forex traders can compare this to the Canadian Core CPI for March which increased by 1.9% annualized. The Core CPI-Median for April 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 March which increased by 2.1% annualized and to the Core CPI-Trim which increased by 2.0% annualized.
Should price action for the EURCAD remain inside the or breakout above the 1.5100 to 1.5150 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5130
- Take Profit Zone: 1.5710 – 1.5795
- Stop Loss Level: 1.4820
Should price action for the EURCAD breakdown below 1.5100 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5065
- Take Profit Zone: 1.4440 – 1.4485
- Stop Loss Level: 1.5150
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
