After being bearish for the past consecutive sessions, the AUDCAD for today’s session is finally predicted to move along the bullish track. Looking at M30 time frame, the simple MA (14) is now heading towards the uptrend. Still looking at the same time frame, a recognizable bullish price reversal had further been intensified as the RSI (14) still points towards the overbought position. On the contrary, a sign of consolidation has also been notice with the MACD (12, 26, 9), as its signal line closes its gap with the MACD line. In sum, after failing to break lower fails to break lower towards the 0.9734, AUDCAD may likely prolong along the Hold\/buy position for the succeeding events.<\/p>\n
American Session Outlook<\/p>\n
During the previous session, the Greenback weakened against its major counterparts as the Unemployment Claims rose by 11K from its previous 425K figure, indicating a feeble labor market force within the market.<\/p>\n
As of today’s American session, the Greenback is likely to move in volatility as the US Non-Farm Employment and the US Factory Orders report will be released.<\/p>\n
After climbing to an impressive 151K last month from a considerable drop last September by 95K, the US Non-Farm Employment is expected this time to increase by 143K. Although this wouldn’t be enough to make a dent on the unemployment rate of 9.6%, expect a volatile Greenback as this report is released.<\/p>\n
On the other hand, the US Factory Orders report last November saw a 2.7 percent increase, which at that time helped the US rally against other majors. This time, a dip of 0.7 percent is expected by economists, which could probably affect the US Dollar’s momentum.<\/p>\n
Good Canadian Employment Data May Lift the Loonie<\/p>\n
For the upcoming session expect the Canadian dollar to be bullish as Employment Change is expected to increase by 20.2K for November. Although Canada had mixed results in their economic data, it is still good to note that employment increased from a disappointing 3.0K increase last October in which the market consensus at that time was 14.3K. Although thousands of jobs are created, expect the Unemployment Rate to remain at 7.9%.<\/p>\n
Meanwhile, the US is also set to release its own Unemployment Rate and economists expect no change from 9.6% level. Non-farm employment is also set to release its report, and is expected to have 143K additional jobs for private sector in the US. This is not a good number as analysts say this would not pull down the unemployment rate in the US. If this indicator posts a worse number, expect that unemployment in the US might top 10.0% for next year. ISM Non-manufacturing PMI is also expected to release its data, as economists anticipate this index to increase to 54.7 point after last month’s 54.3. The continued increase indicates that the manufacturing sector is expanding for the 15th consecutive months. With these market moving indicators, expect both currencies to be volatile before the week ends.<\/p>\n
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After being bearish for the past consecutive sessions, the AUDCAD for today’s session is finally predicted to move along the bullish track. Looking at M30 time frame, the simple MA (14) is now heading towards the uptrend. Still looking at the same time frame, a recognizable bullish price reversal had further been intensified as the … <\/p>\n