Here are the key factors to keep in mind today for Euro trades:
- German PPI: The German PPI for April increased by 0.4% monthly and by 3.4% annualized. Economists predicted an increase of 0.2% monthly and of 3.2% annualized. Forex traders can compare this to the German PPI for March which was reported flat at 0.0% monthly and which increased by 3.1% annualized.
- Eurozone Current Account: The Eurozone Current Account Seasonally Adjusted for March was reported at €34.1B and the Eurozone Current Account Non-Seasonally Adjusted was reported at €44.8B. Forex traders can compare this to the Eurozone Current Account Seasonally Adjusted for February which was reported at €37.8B and to the Eurozone Current Account Non-Seasonally Adjusted which was reported at €27.8B.
Here are the key factors to keep in mind today for Canadian trades:
- Canadian Retail Sales: Canadian Retail Sales for March are predicted to increase by 0.3% monthly and Canadian Retail Sales Less Autos are predicted to increase by 0.2% monthly. Forex traders can compare this to Canadian Retail Sales for February which decreased by 0.6% monthly and to Canadian Retail Sales Less Autos which decreased by 0.1% monthly.
- Canadian CPI: The Canadian CPI for April is predicted to increase by 0.5% monthly and by 1.7% annualized. Forex traders can compare this to the Canadian CPI for March which increased by 0.2% monthly and by 1.6% annualized.
Should price action for the EURCAD remain inside the or breakdown below the 1.5125 to 1.5175 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5150
- Take Profit Zone: 1.4600 – 1.4650
- Stop Loss Level: 1.5300
Should price action for the EURCAD breakout above 1.5175 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5200
- Take Profit Zone: 1.5300 – 1.5350
- Stop Loss Level: 1.5125
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
