Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Building Approvals for December increased 3.6% monthly, and Private House Approvals increased 1.4% monthly. Forex traders can compare this to Australian Building Approvals for November, which increased 13.6% monthly, and Private House Approvals, which increased 3.5% monthly.
The Chinese GDP for the fourth quarter increased 1.6% quarterly and 4.0% annualized. Economists predicted an increase of 1.1% quarterly and 3.6% annualized. Forex traders can compare this to the Chinese GDP for the third quarter, which increased 0.2% quarterly and 4.9% annualized. The Chinese GDP for 2021 increased 8.1%. Forex traders can compare this to the Chinese GDP for 2020, which increased 9.8%.
Chinese Retail Sales for December increased 1.7% annualized. Economists predicted an increase of 3.7% annualized. Forex traders can compare this to Chinese Retail Sales for November, which increased 3.9% annualized. Chinese Industrial Production for December increased 4.3% annualized. Economists predicted an increase of 3.6% annualized. Forex traders can compare this to Chinese Industrial Production for November, which increased 3.8% annualized. Chinese Fixed Assets ex Rural for December increased 4.9% annualized. Economists predicted an increase of 4.8% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for November, which increased 5.2% annualized.
The Chinese Surveyed Jobless Rate for December was reported at 5.1%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for November, reported at 5.0%.
Canadian International Securities Transactions for November are predicted at C$23.50B. Forex traders can compare this to Canadian International Securities Transactions for October, which were reported at C$23.92B. Canadian Manufacturing Sales for November are predicted to increase 3.1% monthly. Forex traders can compare this to Canadian Manufacturing Sales for October, which increased 4.3% monthly.
The forecast for the AUD/CAD remains bearish after this currency pair drifted below its Ichimoku Kinko Hyo Cloud. Adding downside momentum is a likely bearish crossover with the Senkou Span A moving below the Senkou Span B, which traders should monitor carefully as the spread narrows. The Kijun-sen and the Tenkan-sen drift continue their descend, confirming short-term selling pressure persists. After the CCI pushed out of extreme oversold territory, it dipped below -100 again, with more downside potential ahead. Ca bears pressure the AUD/CAD into its next horizontal support area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the AUD/CAD remain inside the or breakdown below the 0.8995 to 0.9085 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9035
- Take Profit Zone: 0.8685 – 0.8790
- Stop Loss Level: 0.9135
Should price action for the AUD/CAD breakout above 0.9085, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9135
- Take Profit Zone: 0.9240 – 0.9300
- Stop Loss Level: 0.9085
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
