AUD/CAD seems to be set to increase its weeks-long uptrend!

Will at the moment’s Canadian information launch present sufficient momentum for AUD/CAD bulls?

Earlier than transferring on, ICYMI, yesterday’s watchlist checked out AUD/USD’s uptrend assist after each the U.S. and Australia printed weaker-than-expected financial information. Make sure you take a look at if it’s nonetheless a legitimate play!

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

Contemporary Market Headlines & Financial Information:

EIA: U.S. crude inventories up by 8.4 million barrels final week vs. 593K draw anticipated

BusinessNZ manufacturing index unchanged at 47.2 amid weak orders and manufacturing in December

Japan’s core inflation hit 4.0% y/y – a 41-year excessive – in December vs. BOJ’s 2.0% goal

FOMC’s Williams: “extra work to do” to deliver inflation to 2% constantly

GfK: financial considerations and excessive value of residing dragged UK shopper temper again to close 50-year low of -45 in January

PBoC left its key lending charges unchanged for the fifth straight month in January

Enhancing demand outlook in China, tightening sanctions of Russian oil pushing crude oil to its second weekly value improve

Crypto lending unit of Genesis recordsdata for U.S. chapter

Gold eases however set for fifth straight weekly rise on Fed slowdown bets

Asian shares edge up, greenback sags as markets mull Fed dangers

SNB Chairman Jordan to take part in a panel dialogue at 8:00 am GMT
ECB President Lagarde to debate financial outlook at 10:00 am GMT
Canada’s retail gross sales at 1:30 pm GMT
US current house gross sales at 3:00 pm GMT

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

What to Watch: AUD/CAD

AUD/CAD 4-hour Foreign exchange Chart by TradingView

No Chinese language information launch subsequent week? No drawback!

AUD/CAD has been in an observable uptrend after breaking above a spread in mid-November.

And why not? The Financial institution of Canada (BOC) has been hinting that it’s virtually finished with its curiosity rate-raising methods. In the meantime, optimism over China’s financial reopening has been supportive of AUD.

AUD/CAD, which hit a excessive at .9440 earlier this week, dipped again down however discovered assist on the .9300 psychological deal with.

.9300 occurs to line up with December’s resistance AND the 50% Fibonacci retracement of 2023’s upswing. The inflection level may appeal to some AUD bulls!

It additionally doesn’t harm that AUD/CAD’s costs are diverging from its oscillator and hinting at pattern continuation.

A protracted commerce on the first indicators of bullish momentum would set you up properly in case AUD/CAD revisits its weekly highs or spends the subsequent buying and selling periods making new January highs.

Simply be sure to make use of extensive stops, aight?

Forex crosses like AUD/CAD are inclined to see unstable value motion so that you’ll need to depart room in case at the moment’s Canadian retail gross sales information level to the BOC delaying the tip of its fee hike days!