Here are the key factors to keep in mind today for Euro trades:
- German GDP: The Final German GDP for the third-quarter decreased by 0.2% quarterly and by 1.1% annualized. Economists predicted a decrease of 0.2% quarterly and an increase of 1.1% annualized. Forex traders can compare this to the previous third-quarter German GDP report which decreased by 0.2% quarterly and which increased by 1.1% annualized. Exports decreased by 0.9% and Imports increased by 1.3%. Economists predicted a decrease of 0.3% and an increase of 0.7%. Forex traders can compare this to second-quarter Exports which increased by 0.7% and to Imports which increased by 1.7%. German Private Consumption for the third-quarter decreased by 0.3% and German Domestic Demand increased by 0.8%. Economists predicted a decrease of 0.1% and an increase of 0.3%. Forex traders can compare this to second-quarter German Private Consumption which increased by 0.4% and to German Domestic Demand which increased by 0.9%. German Government Spending for the third-quarter increased by 0.2%. Economists predicted an increase of 0.3%. Forex traders can compare this to second-quarter German Government Spending which increased by 0.6%. German Capital Investment for the third-quarter increased by 0.8% and German Construction Investment increased by 0.5%. Economists predicted an increase of 0.4% and of 0.4%. Forex traders can compare this to second-quarter German Capital Investment which increased by 0.5% and to German Construction Investment which increased by 0.6%.
- French Manufacturing PMI, Services PMI and Composite PMI: The Preliminary French Markit Manufacturing PMI for November is predicted at 51.3. Forex traders can compare this to the French Markit Manufacturing PMI for for October which was reported at 51.2. The Preliminary French Markit Services PMI for November is predicted at 55.0. Forex traders can compare this to the French Markit Services PMI for for October which was reported at 55.3. The Preliminary French Markit Composite PMI for November was reported at 53.9. Forex traders can compare this to the French Markit Composite PMI for for October which was reported at 54.1.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for November is predicted at 52.2. Forex traders can compare this to the German Markit Manufacturing PMI for for October which was reported at 52.2. The Preliminary German Markit Services PMI for November is predicted at 54.5. Forex traders can compare this to the German Markit Services PMI for for October which was reported at 54.7. The Preliminary German Markit Composite PMI for November is predicted at 53.1. Forex traders can compare this to the German Markit Composite PMI for for October which was reported at 53.4.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for November is predicted at 52.0. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for October which was reported at 52.0. The Preliminary Eurozone Markit Services PMI for November is predicted at 53.6. Forex traders can compare this to the Eurozone Markit Services PMI for for October which was reported at 53.7. The Preliminary Eurozone Markit Composite PMI for November is predicted at 53.0. Forex traders can compare this to the Eurozone Markit Composite PMI for for October which was reported at 53.1.
Here are the key factors to keep in mind today for Canadian trades:
- Canadian Retail Sales: Canadian Retail Sales for September are predicted flat at 0.0% monthly and Canadian Retail Sales Less Autos are predicted to increase by 0.3% monthly. Forex traders can compare this to Canadian Retail Sales for August which decreased by 0.1% monthly and to Canadian Retail Sales Less Auto which decreased by 0.4% monthly.
- Canadian CPI: The Canadian CPI for October is predicted to increase by 0.1% monthly and by 2.2% annualized. Forex traders can compare this to the Canadian CPI for September which decreased by 0.4% monthly and which increased by 2.2% annualized. The Canadian Core CPI for October is predicted to increase by 1.9% annualized. Forex traders can compare this to the Canadian Core CPI for September which increased by 1.9% annualized. The Core CPI-Median for October is predicted to increase by 2.0% 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 September which increased by 2.0% annualized and to the Core CPI-Trim which increased by 2.1% annualized.
Should price action for the EURCAD remain inside the or breakdown below the 1.5035 to 1.5080 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5065
- Take Profit Zone: 1.4760 – 1.4830
- Stop Loss Level: 1.5170
Should price action for the EURCAD breakout above 1.5080 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5110
- Take Profit Zone: 1.5310 – 1.5370
- Stop Loss Level: 1.5065
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