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Wednesday, February 21, 2024

Day by day Foreign exchange Information and Watchlist: AUD/CAD

AUD/CAD is sort of again at a key inflection level within the 15-minute time-frame!

Will the retest result in one other bearish bounce for the pair?

Earlier than shifting on, ICYMI, yesterday’s watchlist checked out USD/CAD’s short-term vary forward of the U.S. and Canada each printing housing-related knowledge. You should definitely take a look at if it’s nonetheless a superb play!

And now for the headlines that rocked the markets within the final buying and selling classes:

Contemporary Market Headlines & Financial Knowledge:

Canada Housing Begins for August: 244K vs. 242K in July – CMHC

Canada Uncooked Materials Costs for August: 3.0% m/m (2.7% m/m forecast; 3.5% m/m earlier); Industrial Producer Costs Index: 1.3% m/m (0.5% m/m; forecast; -0.1% m/m earlier)

NAHB U.S. housing index down from 50 to 45 in September; “Excessive mortgage charges are clearly taking a toll on builder confidence and shopper demand”

RBA assembly minutes: Members thought of a 25 bps price hike in September however selected to carry over dangers that the economic system might gradual greater than forecast

Switzerland’s commerce surplus widened from 3.13B CHF to 4.05B CHF in August as exports (+5.9% m/m) outpaced imports (+1.5% m/m)

Eurozone’s present account surplus shrank from 35.8B EUR to twenty.9B EUR in July

Value Motion Information

Overlay of USD Pairs: 15-min Charts

Overlay of USD Pairs: 15-min Charts

The U.S. greenback began the day on a comparatively sturdy be aware in opposition to its main counterparts as Asian session merchants turned cautious forward of this week’s top-tier knowledge releases.

USD’s shallow intraday uptrends took a pointy U-turn at first of European buying and selling, nevertheless. Whereas there have been no direct catalysts, London session merchants might have been monitoring greater oil costs or taking their USD bets off forward of tomorrow’s FOMC determination.

In any case, the U.S. greenback is buying and selling close to new intraday lows in opposition to the commodity-related currencies however greater in opposition to secure haven counterparts like JPY and CHF.

Eurozone ultimate CPI numbers at 9:00 am GMT
Canada’s CPI reviews at 12:30 pm GMT
U.S. constructing permits at 12:30 pm GMT
NZ present account at 10:45 pm GMT
Japan’s commerce stability at 11:50 pm GMT
Australia’s MI main index at 12:30 am GMT (Sept 20)
PBOC’s one and five-year mortgage prime charges at 1:15 am GMT (Sept 20)

Use our new Forex Warmth Map to rapidly see a visible overview of the foreign exchange market’s value motion! 🔥 🗺️

AUD/CAD 15-min Forex

AUD/CAD 15-min Foreign exchange Chart by TV

Earlier at present, the Reserve Financial institution of Australia’s (RBA) assembly minutes confirmed us that members additionally significantly thought of a 25 bps price hike in September.

Issues for slower-than-expected progress gained this time, particularly because the central financial institution additionally believes that “The current move of knowledge was per inflation returning to focus on inside an inexpensive timeframe whereas the money price remained at its current degree.

Fortunately for AUD bulls, the London session began with risk-taking that took comdolls like AUD greater.

AUD/CAD is at the moment buying and selling close to .8675, which is slightly below the .8690 Pivot Level degree within the 15-minute time-frame. Not solely that, but it surely’s additionally close to the chart’s 100 SMA and key inflection level.

Will we see new weekly lows for AUD/CAD within the subsequent buying and selling classes?

Keep in mind that analysts see Canada’s headline and core shopper inflation ticking greater in August. If the numbers print greater than their July readings, then the Financial institution of Canada’s (BOC) potential hawkishness might spotlight the RBA’s not-so-hawkish September determination.

AUD/CAD might drop to its .8670 earlier low or make new weekly lows.

After all, AUD/CAD’s subsequent up or downswings might rely upon general threat sentiment and perhaps crude oil value tendencies.

For now, be sure to’re AUD/CAD’s areas of curiosity so that you don’t miss any fascinating value strikes!

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