Source: PaxForex Premium Analytics Portal, Technical Insight
A 1% drop in WTI oil prices amid risk aversion and a potential increase in Russian oil production has a negative impact on the resource-linked Canadian dollar.
NZD/CAD,D1
Pivot: 0.8214
Analysis:
As long as the price is above 0.8080 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8214
- Take Profit 1: 0.8250
- Take Profit 2: 0.8350
Alternative scenario:
If the level of 0.8080 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8080
- Take profit 1: 0.8020
- Take profit 2: 0.7950
Comment:
RSI indicates the potential for an increase in the medium term.
Key levels:
| Resistance | Support |
| 0.8575 | 0.8080 |
| 0.8350 | 0.8020 |
| 0.8250 | 0.7950 |
