Here are the key factors to keep in mind today for British Pound trades:
- UK Consumer Credit and Net Lending Securities on Dwellings: UK Net Consumer Credit for May is predicted at £1.5B and Net Lending Securities on Dwellings is predicted at £3.8B. Forex traders can compare this to UK Net Consumer Credit for April which was reported at £1.8B and to Net Lending Securities on Dwellings which was reported at £3.9B.
- UK Mortgage Approvals: UK Mortgage Approvals for May are predicted at 62.2K. Forex traders can compare this to UK Mortgage Approvals for April which were reported at 62.5K.
- UK Current Account Balance: The UK Current Account Balance for the first-quarter is predicted at -£18.0B. Forex traders can compare this to the UK Current Account Balance for the fourth-quarter which was reported at -£18.4B.
- UK Index of Services: UK Index of Services for April are predicted to increase by 0.3% monthly and to come in flat at 0.0% for the three-month-over-three-month period ending in April. Forex traders can compare this to the UK Index of Services for March which increased by 0.1% monthly and by 0.3% for the three-month-over-three-month period ending in April.
- UK GDP and UK Total Business Investment: The final UK GDP for the first-quarter is predicted to increase by 0.1% quarterly and by 1.2% annualized. Forex traders can compare this to the previous UK GDP for the first-quarter which increased by 0.1% quarterly and by 1.2% annualized. Final UK Total Business Investment for the first-quarter is predicted to decrease by 0.2% quarterly and to increase by 2.0% annualized. Forex traders can compare this to the previous UK Total Business Investment for the first-quarter which decreased by 0.2% quarterly and which increased by 2.0% annualized.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Industrial Product Price Index and Canadian Raw Materials Price Index: The Canadian Industrial Product Price Index for May is predicted to increase by 0.9% monthly and the Canadian Raw Materials Price Index is predicted to increase by 1.2% monthly. Forex traders can compare this to the Canadian Industrial Product Price Index for April which increased by 0.5% monthly and to the Canadian Raw Materials Price Index which increased by 0.7% monthly.
- Canadian GDP: The Canadian GDP for April is predicted flat at 0.0% monthly and to increase by 2.5% annualized. Forex traders can compare this to the Canadian GDP for March which increased by 0.3% monthly and by 2.9% annualized.
Should price action for the GBPCAD remain inside the or breakout above the 1.7300 to 1.7430 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7340
- Take Profit Zone: 1.7685 – 1.7770
- Stop Loss Level: 1.7165
Should price action for the GBPCAD breakdown below 1.7300 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.7260
- Take Profit Zone: 1.7000 – 1.7055
- Stop Loss Level: 1.7340
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