Where wil nzdcad go?

H

hanneswas

After the breakdown last week I am wondering whether nzdcad will regain 0.89 again?

Normally, I would expect this. But given the news from China, that they are planning to buy more crude oil, cad is probably going up.

Does anyone have an opinion in this?



Thanks
 
This is medium-term argument so use correct position size as well as stop loss and take profit targets if you want to bet on that
 
My personal views on NZDCAD
We can expect a little more push down side before we hit the 0.89 level
if i have to look for buys on NZDCAD.
i'd be more interested on how it reacts at the current level i.e: 0.8707, if it does not hold that level and drops below i'd be looking for buys at 0.8444
Fundaments can definitely drive it to that level quicker but this is how i look at it.
 
Raheel Shaikh said:
My personal views on NZDCAD
We can expect a little more push down side before we hit the 0.89 level
if i have to look for buys on NZDCAD.
i'd be more interested on how it reacts at the current level i.e: 0.8707, if it does not hold that level and drops below i'd be looking for buys at 0.8444
Fundaments can definitely drive it to that level quicker but this is how i look at it.
More...
Hmm, going down to 0.84 would be extreme.
It will rebounce at least for a short term around 0.86.

Thank you very much for your perspective!
 
I rate CAD as second-strongest of the major currencies right now, but NZD is not (yet?) correspondingly weak. CAD is a decent buy but a short on EUR/CAD or GBP/CAD would be better.
 
Here is how I see current support (daily and weekly). Note weekly support was drawn before swing pivot low touched it. The large range bullish candle is the reason the line is drawn there, not because price in the future came down to level. That was just confirmation. Anyway I'd say price is likely to at least bounce if not reverse soon. Repeat likely so use a stop for sure.
!NZDCAD daily.png
!NZDCAD weekly.png
 
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