Source: PaxForex Premium Analytics Portal, Technical Insight

Scotiabank analysts believe the Bank of Canada will raise its key interest rate to 2% by the end of 2022.

NZD/CAD,D1

Pivot: 0.8426

Analysis:

As long as price is below 0.8615 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.8426
• Take Profit 1: 0.8350
• Take Profit 2: 0.8298

Alternative scenario:

If the level of 0.8615 is broken-out, follow the recommendations below::         

• Time frame: D1
• Recommendation: long position
• Entry point: 0.8615
• Take profit 1: 0.8753
• Take profit 2: 0.8835

Comment:

RSI indicates the potential for decrease in the medium term.

Key levels: