Here are the key factors to keep in mind today for Euro trades:
- Final French GDP: The Final French GDP for the second-quarter decreased by 0.1% quarterly and increased by 1.3% annualized. Economists predicted a flat reading of 0.0% quarterly and an increase of 1.4% annualized. Forex traders can compare this to the previous GDP report which was reported flat at 0.0% quarterly and which increased by 1.4% annualized.
- French Preliminary Markit PMI: The French Preliminary Markit Manufacturing PMI for September was reported at 49.5. Economists predicted a figure of 48.5. Forex traders can compare this to the French Markit Manufacturing PMI for August which was reported at 48.3. The French Preliminary Markit Services PMI for September was reported at 54.1. Economists predicted a figure of 52.0. Forex traders can compare this to the French Markit Services PMI for August which was reported at 52.3. The French Preliminary Markit Composite PMI for September was reported at 53.3. Economists predicted a figure of 51.7. Forex traders can compare this to the French Markit Composite PMI for August which was reported at 51.9.
- German Preliminary Markit PMI: The German Preliminary Markit/BME Manufacturing PMI for September was reported at 54.3. Economists predicted a figure of 53.1. Forex traders can compare this to the German Markit/BME Manufacturing PMI for August which was reported at 53.6. The German Preliminary Markit Services PMI for September was reported at 50.6. Economists predicted a figure of 52.2. Forex traders can compare this to the German Markit Services PMI for August which was reported at 51.7. The German Preliminary Markit/BME Composite PMI for September was reported at 52.7. Economists predicted a figure of 53.6. Forex traders can compare this to the German Markit/BME Composite PMI for August which was reported at 53.3.
- Eurozone Preliminary Markit PMI: The Eurozone Preliminary Markit Manufacturing PMI for September was reported at 52.6. Economists predicted a figure of 51.5. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for August which was reported at 51.7. The Eurozone Preliminary Markit Services PMI for September was reported at 52.1. Economists predicted a figure of 52.8. Forex traders can compare this to the Eurozone Markit Services PMI for August which was reported at 52.8. The Eurozone Preliminary Markit Composite PMI for September was reported at 52.6. Economists predicted a figure of 52.8. Forex traders can compare this to the Eurozone Markit Composite PMI for August which was reported at 52.9.
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 0.2% monthly. Forex traders can compare this to Canadian Retail Sales for June which decreased by 0.1% monthly. Canadian Retail Sales Less Autos for July are predicted to increase by 0.5% monthly. Forex traders can compare this to Canadian Retail Sales Less Autos for June which decreased by 0.8% monthly.
- Canadian CPI and Core CPI: The Canadian CPI for August is predicted to increase by 0.1% monthly and by 1.4% annualized. Forex traders can compare this to the Canadian CPI for July which decreased by 0.2% monthly and which increased by 1.3% annualized. The Canadian Core CPI for August is predicted to increase by 0.2% monthly and by 2.0% annualized. Forex traders can compare this to the Canadian Core CPI for July which was reported flat at 0.2% monthly and which increased by 2.1% annualized.
Should price action for the EURCAD remain inside the or breakout above the 1.4600 to 1.4650 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4625
- Take Profit Zone: 1.4900 – 1.5000
- Stop Loss Level: 1.4500
Should price action for the EURCAD breakdown below 1.4600 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4575
- Take Profit Zone: 1.4400 – 1.4450
- Stop Loss Level: 1.4650
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
