Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of Canada decided to cut interest rates at its July meeting to 4.5%, hinting at further easing of monetary policy where appropriate.
NZD/CAD,D1
Pivot: 0.8274
Analysis:
As long as the price is above 0.8200 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8274
- Take Profit 1: 0.8400
- Take Profit 2: 0.8450
Alternative scenario:
If the level of 0.8200 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8200
- Take profit 1: 0.8150
- Take profit 2: 0.8100
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 0.8500 | 0.8200 |
| 0.8450 | 0.8150 |
| 0.8400 | 0.8100 |
