Australia – ANZ Job Advertisements
At GMT 1:30 a.m., Australia and New Zealand Banking Group (ANZ) released its monthly Job Advertisement figure, which measures the changes in the number of advertised jobs in key Australian cities through the major daily newspapers and web portals.
Since job advertisements usually lead to hiring employees, analysts consider this data from ANZ to be a leading indicator of the employment trend in the country. The ANZ Job Advertisement figure usually has greater impact on the Australian Dollar when it is released before the Australian government’s official employment data.
Last month, the ANZ Job Advertisement figure had a growth of 0.5%, and this month it grew by 1 percentage point, and the actual figure indicated a 1.5% growth in the number of job advertisements.
Canada – Building Permits
At GMT 12:30 p.m., Statistics Canada published the monthly Building Permits figure that measures the changes in the total number of new permits issued for constructing new premises in the country.
Since permits are mandatory to start building construction, the number of new permits acts as a leading indicator of the future construction activity in the country. Also, analysts consider that new constructions help energize the economy, as a new buildings require materials from many other industries.
Last month, the amount of new Building Permits grew by as much as 16.4% and this month the forecast was set at negative 4.2%. However, the actual figure came way better than the forecast, at 11.8% growth.
Trade Recommendation for the AUD/CAD
The AUD/CAD has been trading within a narrow range between 1.0120 and 1.0220 since last week of July. Last Friday, the pair once again found strong resistance at the 1.0220 level and subsequently the price declined to the intermediate support level at 1.0180.
Although the ANZ Job Advertisement (Australian) figure grew by 1.5%, the Canadian Building Permits figure had comparatively more market impact. This is because the actual Building Permits figure was 16% higher (11.8% against -4.2%) than the forecasted figure. The better than expected data from Statistics Canada pushed the AUD/CAD price towards the support area around 1.0160.
If the AUD/CAD price closes below the 1.0160 level, it would attract more sellers which may push the price further down towards the 1.0120 level. In that situation, it would suggest a PUT in the AUD/CAD.
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About our Forex Analyst: Asif Imtiaz
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