Source: PaxForex Premium Analytics Portal, Technical Insight
Any signs of a weakening labor market in Canada could support the Bank of Canada making another super-sized interest rate cut and weighing on the Loonie.
NZD/CAD,D1
Pivot: 0.8336
Analysis:
As long as the price is above 0.8250 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8336
- Take Profit 1: 0.8400
- Take Profit 2: 0.8500
Alternative scenario:
If the level of 0.8250 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8250
- Take profit 1: 0.8200
- Take profit 2: 0.8100
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 0.8600 | 0.8250 |
| 0.8500 | 0.8200 |
| 0.8400 | 0.8100 |
