Sell on a level breakthrough of 1.2560 with 1.2510 target. Stop loss = 1.2610.
Reason for the trading strategy
In March, the number of housing starts in Canada increased from 151 thousand to 190 thousand. In March, the level of employment in Canada rose by 28.7 thousand people. The statistics is positive for the exchange rate of the Loonie. The employment growth reduces the likelihood of further easing of monetary policy in the country. This week, the Loonie will be supported by the high prices for WTI crude oil.
December 5, 2016 November services data will headline a thin economic slate
The ECB is the focus this week. The Bank not only has to deal with the immediate fallout from the Italian referendum, but most importantly, it will be deciding on the future of the QE program, which currently runs out in March...
December 5, 2016 EUR fell on a negative referendum outcome
Italians voted NO to constitutional changes proposed by Italian Prime Minister Matteo Renzi. After negative outcome of the referendum, Renzi decided to quit in the early hours of Monday...
December 5, 2016 Italy continues to dominate headlines as Euro hits 20-month low
Political risk is showing no signs of escaping the headlines after the European Union was plagued into fresh political turmoil overnight following confirmation that Italian Prime Minister Matteo Renzi suffered a humiliating defeat in the referendum over constitutional reforms...
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