What a week it has been with opportunities for traders globally. After a week full of forex trading tips, the focus now shifts to CAD data. Are you ready to take advantage?
19 August AtoZ Forex – Whatever your strategy, there were opportunities for traders globally. Today there are two (2) high impact news releases from Canada, which will bring the CAD into focus. In today’s forex trading tips we look at the CAD, USD and JPY. Why not commence the day with the daily forex trading tips. Will you take advantage of any opportunities?
High impact news -19th August 2016
Hint: We have two high impact data news releases from Canada at the same time, traders be careful of being whipsawed during the news releases as there may be mixed reaction in the markets.
#1 CANADA -@ 1:30pm BST
Core CPI m/m – Previous 0.0%; Forecast 0.0%; Currency affected: CAD
Forex Trading Tips – This is a measure of the change in the price of goods and services purchased by consumers (excluding some volatile items). Market expects there will be no change in reported data compared to last month. If the data is more positive than the forecast data, this will be good for the CAD and bias would be bullish.
#2 CANADA -@ 1:30pm BST
Core Retail Sales m/m – Previous 0.9%; Forecast 0.3%; Currency affected: CAD
Forex Trading Tips – This is a measure of the change in the price of goods and services purchased by consumers (including automobiles). Market expects there will be a reduction in the Core Retail Sales data compared to the previous month. If the data is more positive than the forecast data, this will be good for the CAD and bias would be bullish.
Hint: Plan for a mixed reaction on price action on the CAD. With earlier comments in a Q&A session Federal Reserve Bank President John Williams may have given support to the USD and we may see possible USD strength in Asian and European sessions.
Currency Pairs – Daily Forex Trading Tips
#3 AUD forex trading tips
The AUD continued its bearish direction in the European US and Asian sessions.
Forex Trading Tips – On intraday (H1 TF) the bias currently is on the neutral direction against the EUR, GBP, NZD, USD. Expect a quiet day.
#4 CAD forex trading tips
The CAD strengthened in the European session and then depreciated against the CHF, EUR, GBP and JPY in the US sessions.
Forex Trading Tips – On intraday (H1 TF) the bias currently is on the neutral/bullish direction against the AUD, EUR, GBP, JPY,NZD, USD and bearish against the NZD.
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#5 GBP forex trading tips
The GBP appreciated in the European session on positive data and saw weakness in the US session against the CAD, EUR and JPY. WE saw a mixed reaction after positive USA data against the USD.
Forex Trading Tips – On intraday (H1 TF) the bias currently is neutral against the AUD,CHF, EUR, JPY, NZD and USD. Look for breakout trades in either direction.
#6 USD forex trading tips
Traders observed continued USD weakness even on positive USA data and continued depreciation of the USD due to Wednesday’s FOMC meeting minutes linger on. In the early Asian session the USD strengthened against all the currencies and then depreciated.
Forex Trading Tips – On intraday (H1 TF) the bias currently is on the BEARISH direction against the AUD, CHF, CAD, EUR, GBP, JPY, NZD. The overall bias is on the BEARISH/NEUTRAL side for the USD in the European session. Look for BUY opportunities at key levels after any unexpected negative data releases from CANADA today.
Think we missed something? Let us know in the comment section below!