Here is the key factor to keep in mind today for British Pound trades:
- UK Retail Sales: UK Retail Sales for December are predicted to decrease by 0.8% monthly and to increase by 3.8% annualized. Forex traders can compare this to UK Retail Sales for November which increased by 1.2% monthly and by 3.8% annualized. UK Retail Sales Including Auto and Fuel for December are predicted to decrease by 0.8% monthly and to increase by 3.6% annualized. Forex traders can compare this to UK Retail Sales Including Auto and Fuel for November which increased by 1.4% monthly and by 3.6% annualized.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian International Merchandise Trade Balance: The Canadian International Merchandise Trade Balance for November is predicted at C$1.34B. Forex traders can compare this to the Canadian International Merchandise Trade Balance for October which was reported at C$3.98B.
- Canadian CPI: The Canadian CPI for December is predicted to decrease by 0.4% monthly and to increase by 1.7% annualized. Forex traders can compare this to the Canadian CPI for November which decreased by 0.4% monthly and which increased by 1.7% annualized. The Canadian Core CPI for December is predicted to increase by 1.9% annualized. Forex traders can compare this to the Canadian Core CPI for November which increased by 1.9% annualized. The Core CPI-Median for December is predicted to increase by 1.9% annualized and the Core CPI-Trim is predicted to increase by 1.9% annualized. Forex traders can compare this to the Core CPI-Median for November which increased by 1.9% annualized and to the Core CPI-Trim which increased by 1.9% annualized.
Should price action for the GBPCAD remain inside the or breakdown below the 1.7150 to 1.7250 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.7175
- Take Profit Zone: 1.6600 – 1.6750
- Stop Loss Level: 1.7355
Should price action for the GBPCAD breakout above 1.7250 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7275
- Take Profit Zone: 1.7500 – 1.7650
- Stop Loss Level: 1.7175
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
