Source: PaxForex Premium Analytics Portal, Technical Insight
As was widely expected, the Canadian central bank hiked its benchmark rates by 75 bps and also maintained a hawkish bias, indicating the need to raise interest rates further. This, in turn, provided a goodish lift to the domestic currency.
NZD/CAD,D1
Pivot: 0.7926
Analysis:
As long as the price is below 0.8070 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7926
- Take Profit 1: 0.7900
- Take Profit 2: 0.7850
Alternative scenario:
If the level of 0.8070 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8070
- Take profit 1: 0.8125
- Take profit 2: 0.8180
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 0.8180 | 0.7900 |
| 0.8125 | 0.7850 |
| 0.8070 | 0.7800 |
