Eurozone - German trading balance
At 7 am GMT Destatis released the Trading Balance figure for Germany, which measures the difference in value between the country's net imported and exported products over the past month.
Since the German economy makes up a large part of the entire eurozone economy, it influences the valuation of the euro more than any other country in the economic union. Whereas, the demand for the euro currency is positively correlated with the demand for exports from Germany as foreigners are required to convert the currency into the euro in order to pay for their imports from Germany. Because of this connection, binary options traders and global market analysts consider German trading balance as a key indicator for valuing the euro.
In February, the German trading balance came in at around 21.6B and expectations for March were slightly lower at 20.4B. However, the actual German trading balance came in lower than the market had expected at 19.7B.
Canada - New Housing
At 12:15pm, the Mortgage and Housing Corporation of Canada (CMHC) released the New Housing Figures, which measures the annual number of new apartment buildings that have begun construction over the past month.
Binary options traders view new Canadian housing as a leading indicator of the Canadian economy as the start of building construction has a varied positive impact on the local economy. For example, workers in new buildings that provide them with job opportunities and different products and services that stimulate the economy.
Last month, in February, the amount of new Canadian housing was around 187,000 and the forecast for this month was around 176,000. The actual figure was lower compared to what was expected in the market at 156,000.
Trading recommendations for EUR/CAD
Since August 2014, the EUR/CAD has been trading in a wide range between 1.3880 and 1.4450. However, after breaking the medium-sloping ascending trend line on February 26, 2015, the currency pair found additional bearish momentum.
Later, on March 4th, the EUR/CAD currency pair finally broke below the 1.3880 limit support level and went to clear the support level around 1.3752. We will now look at the level of 1.3752 Basim
100% Fibonacci retracement level of the previous ascending wave. The German trading balance was also less than expected, as this will help accelerate the bearish momentum in the market.
إذا واصل اليورو / الدولار الكندى الهبوط دون مستوى سعر 1.3620 من الأسبوع الماضي، قد ينخفض بشكل أكبر خلال الأيام القليلة المقبلة نحو مستوى توسع %161.8 ليصل إلى 1.3296. في ظل هذه الظروف، يجب على متداولى الخيارات الثنائية النظر في وضع طلبات PUT دون مستوى 1.3620.
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