Source: PaxForex Premium Analytics Portal, Fundamental Insight
The UK Jobless Claims Change for September is predicted at 20.2K. Forex traders can compare this to the UK Jobless Claims Change for August, reported at 23.7K.
The UK Employment Change for the tri-monthly period ending in August is predicted at 250K, and the ILO Unemployment Rate is predicted at 4.1%. Forex traders can compare this to the UK Employment Change for July, reported at 265K, and the ILO Unemployment Rate, reported at 4.1%. Average Weekly Earnings for the tri-monthly period ending in August are predicted to increase by 3.8% annualized, and Average Weekly Earnings Excluding Bonuses by 4.9% annualized. Forex traders can compare this to Average Weekly Earnings for July, which increased by 4.0%, and Average Weekly Earnings Excluding Bonuses, which increased by 5.1%.
The Canadian CPI for September is predicted to decrease by 0.2% monthly and increase by 1.8% annualized. Forex traders can compare this to the Canadian CPI for August, which contracted by 0.2% monthly and expanded by 2.0% annualized. The Canadian CPI-Median for September is predicted to rise by 2.3% annualized, and the Canadian CPI-Trimmed by 2.4% annualized. Forex traders can compare this to the Canadian CPI-Median for August, which accelerated by 2.3% annualized, and to the Canadian CPI-Trimmed by 2.4% annualized.
The forecast for the GBP/CAD has turned bearish after this currency pair advanced into its horizontal resistance area over the past eight trading sessions. The Tenkan-sen points higher following a bearish crossover but trades below the flat Kijun-sen. The Senkou Span A of the Ichimoku Kinko Hyo Cloud is descending and closing the gap to the flat Senkou Span B, suggesting a rise in medium-term bearishness. Traders should also monitor the CCI in overbought territory with fading upside momentum. A reversal and breakdown below zero could trigger the next leg lower. Can bears regain control over the GBP/CAD and push price action down into its horizontal support 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 breakdown below the 1.7985 to 1.8035 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.8015
- Take Profit Zone: 1.7705 – 1.7785
- Stop Loss Level: 1.8100
Should price action for the GBP/CAD break out above 1.8035, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.8100
- Take Profit Zone: 1.8145 – 1.8200
- Stop Loss Level: 1.8035
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