Here are the key factors to keep in mind today for Euro trades:
- French GDP: The Final French GDP for the second-quarter increased by 0.2% quarterly and by 1.7% annualized. Economists predicted an increase of 0.2% quarterly and of 1.7% annualized. Forex traders can compare this to the previous French GDP for the second-quarter which increased by 0.2% quarterly and by 1.7% annualized.
- French Manufacturing PMI, Services PMI and Composite PMI: The Preliminary French Markit Manufacturing PMI for September was reported at 52.5. Economists predicted a figure of 53.4. Forex traders can compare this to the French Markit Manufacturing PMI for for August which was reported at 53.5. The Preliminary French Markit Services PMI for September was reported at 54.3. Economists predicted a figure of 55.2. Forex traders can compare this to the French Markit Services PMI for for August which was reported at 55.4. The Preliminary French Markit Composite PMI for September was reported at 53.6. Economists predicted a figure of 54.6. Forex traders can compare this to the French Markit Composite PMI for for August which was reported at 54.9.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for September was reported at 53.7. Economists predicted a figure of 55.7. Forex traders can compare this to the German Markit Manufacturing PMI for for August which was reported at 55.9. The Preliminary German Markit Services PMI for September was reported at 56.5. Economists predicted a figure of 55.0. Forex traders can compare this to the German Markit Services PMI for for August which was reported at 55.0. The Preliminary German Markit Composite PMI for September was reported at 55.3. Economists predicted a figure of 55.4. Forex traders can compare this to the German Markit Composite PMI for for August which was reported at 55.6.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for September was reported at 53.3. Economists predicted a figure of 54.5. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for August which was reported at 54.6. The Preliminary Eurozone Markit Services PMI for September was reported at 54.7. Economists predicted a figure of 54.4. Forex traders can compare this to the Eurozone Markit Services PMI for for August which was reported at 54.4. The Preliminary Eurozone Markit Composite PMI for September was reported at 53.3. Economists predicted a figure of 54.5. Forex traders can compare this to the Eurozone Markit Composite PMI for for August which was reported at 54.5.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Retail Sales: Canadian Retail Sales for July are predicted to increase by 0.4% monthly and Canadian Retail Sales Less Autos are predicted to increase by 0.6% monthly. Forex traders can compare this to Canadian Retail Sales for June which decreased by 0.2% monthly and to Canadian Retail Sales Less Auto which decreased by 0.1% monthly.
- Canadian CPI: The Canadian CPI for August is predicted to decrease by 0.2% monthly and to increase by 2.8% annualized. Forex traders can compare this to the Canadian CPI for July which increased by 0.5% monthly and by 3.0% annualized. The Canadian Core CPI for August is predicted to increase by 1.9% annualized. Forex traders can compare this to the Canadian Core CPI for July which increased by 1.9% annualized. The Core CPI-Median for August 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 July 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 breakout above the 1.5170 to 1.5260 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5200
- Take Profit Zone: 1.5530 – 1.5585
- Stop Loss Level: 1.5060
Should price action for the EURCAD breakdown below 1.5170 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5135
- Take Profit Zone: 1.4800 – 1.4890
- Stop Loss Level: 1.5200
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