Forex Market: AUD/CAD daily forecast

During yesterday’s trading session AUD/CAD traded within the range of 1.0261-1.0305 and closed at 1.0290.

At 7:30 GMT today AUD/CAD was gaining 0.44% for the day to trade at 1.0317. The pair touched a daily high at 1.0324 at 7:00 GMT, breaching the first resistance level of 1.0310.

Fundamental view

Wholesale sales in Canada probably increased by 0.8% in February, following a 0.8% gain in the previous month, according to the median analyst’ estimate.

The study measures monthly sales of Canadian wholesalers from each province or region. It provides information about the situation in the wholesale sector and is an important indicator of the state of the Canadian economy. The total value of sales is calculated by deflating the current value in dollars, using the indices for imports and industrial prices. Since many of the products to wholesalers in the country are subject to import fluctuations of the Canadian dollar, this can have a significant impact on the prices of goods bought and sold by them. This is the percentage change from the previous month.

Statistics Canada is scheduled to publish the official report at 12:30 GMT today. A higher than expected gain would certainly heighten the appeal of the loonie.

Technical view

According to Binary Tribune’s daily analysis, in case AUD/CAD manages to breach the first resistance level at 1.0310, it will probably continue up to test 1.0329. In case the second key resistance is broken, the pair will probably attempt to advance to 1.0354.

If AUD/CAD manages to breach the first key support at 1.0266, it will probably continue to slide and test 1.0241. With this second key support broken, the movement to the downside will probably continue to 1.0222.