Here is the key factor to keep in mind today for British Pound trades:
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for July was reported at -£1.5B and UK Public Sector Net Borrowing excluding Banking Groups at -£1.0B. Economists predicted a figure of -£2.2B and -£1.9B. Forex traders can compare this to UK Public Sector Net Borrowing for June which was reported at £7.5B and UK Public Sector Net Borrowing excluding Banking Groups which was reported at £8.0B. UK Public Finances for July was reported at -£2.1B and UK Central Government Borrowing at £3.6B. Forex traders can compare this to UK Public Finances for June which was reported at £13.5B and UK Central Government Borrowing which was reported at £20.0B.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Retail Sales: Canadian Retail Sales for June are predicted to increase by 0.5% monthly. Forex traders can compare this to Canadian Retail Sales for May which increased by 0.2% monthly. Canadian Retail Sales Less Autos for June are predicted to increase by 0.3% monthly. Forex traders can compare this to Canadian Retail Sales Less Autos for May which increased by 0.9% monthly.
- Canadian CPI and Core CPI: The Canadian CPI for June is predicted flat at 0.0% monthly and to increase by 1.4% annualized. Forex traders can compare this to the Canadian CPI for May which increased by 0.2% monthly by 1.5% annualized. The Canadian Core CPI for June is predicted flat at 0.0% monthly and to increase by 2.1% annualized. Forex traders can compare this to the Canadian Core CPI for May which was flat at 0.0% monthly and which increased by 2.1% annualized. The Canadian Seasonally Adjusted CPI for June is predicted to increase by 0.2% monthly and the Canadian Seasonally Adjusted Core CPI by 0.2% monthly. Forex traders can compare this to the Canadian Seasonally Adjusted CPI for May which increased by 0.2% monthly and to the Canadian Seasonally Adjusted Core CPI which increased by 0.2% monthly.
Should price action for the GBPCAD remain inside the or breakout above the 1.6825 to 1.6875 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6850
- Take Profit Zone: 1.7200– 1.7250
- Stop Loss Level: 1.6650
Should price action for the GBPCAD breakdown below 1.6825 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6775
- Take Profit Zone: 1.6600 – 1.6650
- Stop Loss Level: 1.6875
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
