Source: PaxForex Premium Analytics Portal, Fundamental Insight
The UK Jobless Claims Change for November is predicted at 50.0K. Forex traders can compare this to the UK Jobless Claims Change for October, reported at -29.8K. The UK Employment Change for the tri-monthly period ending in October is predicted at -250K, and the ILO Unemployment Rate is predicted at 5.1%. Forex traders can compare this to the UK Employment Change for September, reported at -164K, and to the ILO Unemployment Rate, reported at 4.8%. Average Weekly Earnings for the tri-monthly period ending in October are predicted to increase by 2.2% annualized, and Average Weekly Earnings Excluding Bonuses are predicted to increase by 2.6% annualized. Forex traders can compare this to Average Weekly Earnings for September, which increased by 1.3%, and Average Weekly Earnings Excluding Bonuses, which increased by 1.9%.
Canadian Housing Starts for November are predicted at 215.0K. Forex traders can compare this to Canadian Housing Starts for October, which were reported at 214.9K. Canadian Manufacturing Sales for October are predicted to increase by 0.6% monthly. Forex traders can compare this to Canadian Manufacturing Sales for September, which increased by 1.5% monthly.
The forecast for the GBP/CAD turned bullish after this currency pair entered a sell-off that took it below its Ichimoku Kinko Hyo Cloud. Bearish momentum is fading, and the Tenkan-sen and Kijun-sen entered a sideways trend. With the CCI exiting extreme oversold conditions, price action can accelerate higher and retrace its correction. Bullishness surrounding the British Pound continues to increase. Will bulls pressure the GBP/CAD into its next horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the GBP/CAD remain inside the or breakout above the 1.6985 to 1.7030 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7010
- Take Profit Zone: 1.7435 – 1.7495
- Stop Loss Level: 1.6935
Should price action for the GBP/CAD breakdown below 1.6985 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6935
- Take Profit Zone: 1.6770 – 1.6870
- Stop Loss Level: 1.6985
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
