Here are the key factors to keep in mind today for Australian Dollar trades:

• Australian Westpac Consumer Confidence: Australian Westpac Consumer Confidence for May increased by 0.6% monthly to 101.3. Forex traders can compare this to Australian Westpac Consumer Confidence for April which increased by 1.9% monthly to 100.7.
• Australian Wage Price Index: The Australian Wage Price Index for the first-quarter increased by 0.5% quarterly and by 2.3% annualized. Economists predicted an increase of 0.6% quarterly and of 2.3% annualized. Forex traders can compare this to the Australian Wage Price Index for the fourth-quarter which increased by 0.5% quarterly and by 2.3% annualized.
• Chinese Retail Sales: Chinese Retail Sales for April increased by 7.2% annualized. Economists predicted an increase of 8.6% annualized. Forex traders can compare this to Chinese Retail Sales for March which increased by 8.7% annualized.
• Chinese Industrial Production: Chinese Industrial Production for April increased by 5.4% annualized. Economists predicted an increase of 6.5% annualized. Forex traders can compare this to Chinese Industrial Production for March which increased by 8.5% annualized.
• Chinese Fixed Assets ex Rural: Chinese Fixed Assets ex Rural for April increased by 6.1% annualized. Economists predicted an increase of 6.4% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for March which increased by 6.3% annualized.
• Chinese Property Investment: Chinese Property Investment for April increased by 11.9% annualized. Forex traders can compare this to Chinese Property Investment for March which increased by 11.8% annualized.
• Chinese Surveyed Jobless Rate: The Chinese Surveyed Jobless Rate for April was reported at 5.0%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for March which was reported at 5.2%.

Here are the key factors to keep in mind today for Canadian Dollar trades:

• Canadian CPI: The Canadian CPI for April is predicted to increase by 0.4% monthly and by 2.0% annualized. Forex traders can compare this to the Canadian CPI for March which increased by 0.7% monthly and by 1.9% annualized. The Canadian Core CPI for April is predicted to increase by 1.8% annualized. Forex traders can compare this to the Canadian Core CPI for March which increased by 1.8% annualized. The Core CPI-Median for April is predicted to increase by 2.0% annualized and the Core CPI-Trim is predicted to increase by 2.1% annualized. Forex traders can compare this to the Core CPI-Median for March which increased by 2.0% annualized and to the Core CPI-Trim which increased by 2.1% annualized.
• Canadian Existing Home Sales: Canadian Existing Home Sales for April are predicted to increase by 1.8% monthly. Forex traders can compare this to Canadian Existing Home Sales for March which increased by 0.9% monthly.

Should price action for the AUDCAD remain inside the or breakout above the 0.9275 to 0.9350 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 0.9330
• Take Profit Zone: 0.9510 – 0.9580
• Stop Loss Level: 0.9260

Should price action for the AUDCAD breakdown below 0.9275 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 0.9260
• Take Profit Zone: 0.9105 – 0.9175
• Stop Loss Level: 0.9300

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.