Here are the key factors to keep in mind today for Euro trades:

• German Retail Sales: German Retail Sales for April increased by 2.3% monthly and by 1.2% annualized. Economists predicted an increase of 0.5% monthly and of 1.7% annualized. Forex traders can compare this to German Retail Sales for March which decreased by 0.4% monthly and which increased by 1.7% annualized.
• German Import Price Index: The German Import Price Index for April increased by 0.6% monthly and by 0.6% annualized. Economists predicted an increase of 0.7% monthly and of 0.7% annualized. Forex traders can compare this to the German Import Price Index for March which was reported flat at 0.0% monthly and which decreased by 0.1% annualized.
• Preliminary French GDP: The Preliminary French GDP for the first-quarter increased by 0.2% quarterly and by 2.2% annualized. Economists predicted an increase of 0.3% quarterly and by 2.1% annualized. Forex traders can compare this to the fourth-quarter GDP report which increased by 0.3% quarterly and by 2.1% annualized.
• German Unemployment Change and German Unemployment Rate: The German Unemployment Change for May is predicted at -10K and the German Unemployment Rate at 5.3%. Forex traders can compare this to the German Unemployment Change for April which was reported at -7K and to the German Unemployment Rate which was reported at 5.3%.
• Eurozone Confidence Data: Eurozone Economic Confidence for May is predicted at 112.0. Forex traders can compare this to Eurozone Economic Confidence for April which was reported at 112.7. Eurozone Industrial Confidence for May is predicted at 6.8. Forex traders can compare this to Eurozone Industrial Confidence for April which was reported at 7.1. Eurozone Services Confidence for May is predicted at 14.3. Forex traders can compare this to Eurozone Services Confidence for April which was reported at 14.9. Final Eurozone Consumer Confidence for May is predicted at 0.2. Forex traders can compare this to the previous Eurozone Consumer Confidence for May which was reported at 0.2. The Eurozone Business Climate Indicator for May is predicted at 1.30. Forex traders can compare this to Eurozone Business Climate Indicator for April which was reported at 1.35.
• Preliminary German CPI: The Preliminary German CPI for May is predicted to increase by 0.3% monthly and by 1.9% annualized. Forex traders can compare this to the German CPI for April which was reported flat at 0.0% monthly and which increased by 1.6% annualized.

Here are the key factors to keep in mind today for Canadian Dollar trades:

• Canadian Current Account Balance: The Canadian Current Account Balance for the first-quarter is predicted at -$18.15B. Forex traders can compare this to the Canadian Current Account Balance for the fourth-quarter which was reported at -$16.35B.
• Canadian Industrial Product Price Index and Canadian Raw Materials Price Index: The Canadian Industrial Product Price Index for April is predicted to increase by 0.6% monthly and the Canadian Raw Materials Price Index is predicted to increase by 1.7% monthly. Forex traders can compare this to the Canadian Industrial Product Price Index for March which increased by 0.8% monthly and to the Canadian Raw Materials Price Index which increased by 2.1% monthly.
• Bank of Canada Interest Rate Decision: The Bank of Canada is predicted to keep interest rates unchanged at 1.25%. Forex traders can compare this to the previous Bank of Canada Interest Rate Decision where interest rates were kept unchanged at 1.25%.

Should price action for the EURCAD remain inside the or breakout above the 1.4985 to 1.5110 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.5080
• Take Profit Zone: 1.5635 – 1.5710
• Stop Loss Level: 1.4820

Should price action for the EURCAD breakdown below 1.4985 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.4920
• Take Profit Zone: 1.4510 – 1.4635
• Stop Loss Level: 1.5080

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.