Economic Calendar And Forex Trading: Insights For Canadian Traders – This economic calendar, powered by trusted third parties, reveals the biggest financial news and events happening around the world in real time. Easy to use, with filters to zoom in on the markets you’re interested in, this is a popular tool for fundamental analysts – as well as those who like to mix and match fundamental and technical trading techniques. Don’t know how to use it? No problem. We are available to guide you.
The economic calendar is automatically updated whenever new data is released. It displays each event in chronological order and lists the time and date each event will take place.
Economic Calendar And Forex Trading: Insights For Canadian Traders
You can filter dates by day, week or month to see exactly what’s happening and when. With the time period chosen, you can also customize to check the latest news about the countries or economic events you want to monitor.
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You can use the keyword search bar to zero in on specific events that you think could impact the markets you are trading.
By clicking on the event you are interested in, you will have access to more information, as well as a price table with historical data to help you decide if and how to act.
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An economic calendar is a tool that helps you stay up to date with key economic indicators, news and alerts as they happen. It is automatically updated whenever new information is released and is a popular way for fundamental and technical traders to monitor the markets they are investing in.
Whichever market you are trading in, it is always important to be prepared for events that may impact them. Not only can this help you identify new opportunities, but it also allows you to prepare and hedge any existing positions should the markets turn bad.
The economic calendar shows each event in chronological order, as well as the time and date each event is expected to take place. You can filter dates by day, week or month to see exactly what’s happening and when.
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Economic events are those that impact the strength of a currency, country, industry or business. These can include employment data such as US non-farm payrolls, earnings season (where most quarterly corporate earnings are released to the public) and central bank meetings. The aim of a Forex trader is to make a profit. To do this, it is necessary to make wise trading decisions to reduce the risk of loss. That’s where Forex market analysis helps. You can classify it into two main approaches: fundamental analysis and technical analysis.
For technical analysis, traders identify opportunities by looking at statistical trends. This includes price and volume movements. They also study charts for patterns that suggest future performance. For fundamental analysis, traders value a currency according to its inherent value. They study the economy, from industry conditions to the finances of individual companies. There is no “best” practice between the two styles of analysis. In fact, traders often use a combination of both to gain more insight into the market.
For this article, we will focus on fundamental analysis. Here are some useful Forex fundamental analysis tools available to any Forex trader.
Economic indicators are reports that track a country’s economic performance. They are provided by governments or private organizations and released at scheduled times. They are often a good sign that the health of a nation’s economy is improving or declining.
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Some key indicators to watch are gross domestic product (GDP), unemployment rate, interest rate, and non-farm payrolls (NFP). These indicators are usually located on the official government websites of each country. Below is an example of US gross domestic product (GDP) during the first quarter of 2022.
The economic calendar details the dates of significant releases or events. These can affect the price movement of individual securities or markets as a whole. They include economic indicators such as gross domestic product (GDP) and consumer price index (CPI). Unemployment claims, reports on new housing starts or central bank reports are other things to look out for.
In general, traders rely on the economic calendar for information that provides trading opportunities. They use it to plan trades and reallocate their portfolio. They also look for chart patterns that could be caused or affected by these releases or events.
Many of these calendars are available for free on finance and economics related websites. Below is an example of the site’s economic calendar. It is one of the most accurate and timely economic calendars on the Forex market.
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Another important fundamental analysis tool is news about the global economy. This is because economic news has a huge influence on many short-term market movements. The best part? They are available on TV, radio, online news portals and podcasts. The problem is that it can be tricky trying to keep track of so many different fonts.
Ideally, economic news should be provided on your trading platform. That’s something it provides. Traders using it also have access to direct market commentary from Trading Central, a leading provider of investment research on technical strategies. It is also a Registered Investment Adviser (RIA) with the US Securities and Exchange Commission (SEC).
Many companies have solutions for assessing the potential impact of economic indicators. Some even gauge the impact of the news on a specific trading pair. But one downside is that these solutions often come at a cost in the form of subscription fees. Furthermore, while convenient, they are not always accurate. You should not rely solely on these solutions when making your trades. As a Forex trader, you should focus on the economic calendar, reports, news portals and a solid trading strategy. These are reliable and proven methods that allow you to sharpen and improve your analytical skills as a trader.
In summary, fundamental analysis offers an effective approach to studying the Forex market. But it also has its drawbacks. For example, fundamental analysis may show that a particular currency is undervalued. But this does not guarantee that your shares will reach their intrinsic value any time soon. In reality, the behavior of prices is influenced by many factors and unforeseen events that can have an impact on the global economy. This would override any initial assumptions you may have made through fundamental analysis.
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As mentioned, traders and analysts often use fundamental and technical analysis to study the Forex market. This gives a more complete picture when assessing a company’s potential for growth and profitability.
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Economic calendars establish the dates and potential impacts of scheduled national and international events that could affect the price and popularity of certain markets or assets. Given that certain types of events are known to impact trading in significant and predictable ways, the nature and timing of each event on an economic calendar can be used as a trading indicator to maximize profit potential. Recurring news events tend to be the most compelling indicators
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