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September 9, 2021

Daily U.S. Session Watchlist: AUD/CAD

 The BOC is about to print its latest policy decision!


Will today’s event knock AUD/CAD from a key area of interest?


Before moving on, ICYMI, today’s Asia-London session watchlist checked out ATOM/USD for short-term buying opportunities after a selloff that had nothing to do with the token’s fundamentals. Be sure to check out if it’s still a valid play!


And now for the headlines that rocked the markets in the last trading sessions:


Fresh Market Headlines & Economic Data:

Japan upgrades Q2 GDP on stronger business spending

Japan Eco Watchers current, outlook falls

Bitcoin bruised after chaotic debut as legal tender in El Salvador

SEC threatens to sue Coinbase over crypto lending programme

Expectations for near-term easing cool after China central bank comments

Asian shares on edge in choppy trading, dollar holds gains

Pre-ECB jitters knock 1% off European stocks

Upcoming Potential Catalysts on the Economic Calendar:

Italy’s retail sales at 8:00 am GMT

RBA Deputy Governor Debelle to give a speech at 8:10 am GMT

Bank of Canada’s monetary policy decision at 2:00 pm GMT

Canada’s IVEY PMI at 2:00 pm GMT

U.S. JOLTS job openings at 2:00 pm GMT

If you’re not familiar with the forex market’s main trading sessions, check out our Forex Market Hours tool.


What to Watch: AUD/CAD

After a steady couple of trading sessions, investors will turn their eyes on the Bank of Canada (BOC)’s monetary policy decision for September.


Word in the hood is that the downside economic impact of the Delta variant and the sooner-than-expected national elections have given the central bank the incentive to delay its tapering plans.



If BOC isn’t making changes, then the markets’ focus will turn to the central bankers’ outlook.

If BOC playas are expecting to get back in the tapering program after a short break, then AUD/CAD could dip from the .9370 resistance zone and hit support areas closer to .9300 or .9240.


But if Governor Tiff Macklem and his team air out their concerns over the Q2 2021 GDP miss and plan to delay their tapering further, then traders would highlight that the Reserve Bank of Australia (RBA) did a dovish taper in September.


The divergence between the BOC and RBA’s plans could push AUD/CAD above the .9400 resistance to maybe retest areas of interest like .9500 or .9550.