Manufacturing Sales - Canada
Tomorrow, at 12:30pm GMT, Statistics Canada will release monthly manufacturing sales data, which measures the change in the total value of sales made by Canadian manufacturers over the past month.
As changes in manufacturing sales affect future makers' decisions about hiring, corporate spending, and the country's overall investment climate, binary options traders look to manufacturing sales data as a leading indicator of the Canadian economy. Last month, the Canadian Manufacturing Sales figure fell by 3.3%, and expectations for this month are currently set for a decline of -0.7%.
Australia - Unemployment rate
On Thursday, at 01:30 am GMT, the Australian Bureau of Statistics will release the country's unemployment rate, which measures the proportion of the total labor force that has remained unemployed over the past month.
Binary options investors view the unemployment rate as one of the most important fundamental indicators in the Australian economy because one of the main objectives of the Reserve Bank of Australia is to keep the unemployment rate as low as possible.
Although this is a lagging indicator, analyzing this data can help predict future interest rates and the state of inflation in the country. Last month, the unemployment rate in Australia came in at 5.7% and expectations for this month were set a little higher, at 5.8%.
Trading recommendations for AUD/CAD
Since the formation of an outer band of slight depression (BEOBOn December 31, 2015, the AUD/CAD currency pair remained bearish. The downtrend accelerated after the AUD/CAD fell below the rising trend line set by the retracement movement on April 22nd. Since April 22, the AUD/USD has depreciated Canadian by 520 points.
Until now, This helped trigger a move lower to create a sharp downtrend line, which made the AUD/CAD more respectable. Earlier today, the AUD/CAD was rejected around this descending line and the pair resumed its descending movement.
This month, the number was expected to decline Canadian Manufacturing Sales increased by -0.7%, which is better compared to last month's -3.3% decline. We believe that the fundamental outlook for the AUD/CAD is likely to remain bearish this week as well.
Under these circumstances, it would be advisable for binary options traders to consider placing an order to sell the AUD/CAD currency pair with binary options brokers once the price closes below 0.9375, a key psychological support level that raised the price back in September. 2015.
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