Source: PaxForex Premium Analytics Portal, Technical Insight
CIBC analysts believe that the Bank of Canada will hike the rate twice in the next year and 3 times in 2023. This is a less aggressive tightening than what has been priced in.
NZD/CAD,D1
Pivot: 0.8824
Analysis:
As long as price is above 0.8650 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8824
- Take Profit 1: 0.8900
- Take Profit 2: 0.8990
Alternative scenario:
If the level of 0.8650 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8650
- Take profit 1: 0.8502
- Take profit 2: 0.8414
Comment:
RSI indicates the potential for growth in the medium term.
Key levels:
| Resistance | Support |
| 0.9078 | 0.8650 |
| 0.8990 | 0.8502 |
| 0.8900 | 0.8414 |
