Source: PaxForex Premium Analytics Portal, Technical Insight
Expectations for a bigger interest rate cut by the Bank of Canada (BoC) weigh on the Canadian Dollar (CAD) and offer additional support to spot prices.
NZD/CAD,D1
Pivot: 0.8420
Analysis:
As long as the price is above 0.8400 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8420
- Take Profit 1: 0.8600
- Take Profit 2: 0.8700
Alternative scenario:
If the level of 0.8400 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8400
- Take profit 1: 0.8300
- Take profit 2: 0.8200
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 0.8800 | 0.8400 |
| 0.8700 | 0.8300 |
| 0.8600 | 0.8200 |
