Source: PaxForex Premium Analytics Portal, Technical Insight
The Canadian inflation data was better than expected, the yearly forecast was 6.7%, which is the highest reading since February 1991.
NZD/CAD,D1
Pivot: 0.8529
Analysis:
As long as price is below 0.8530 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8437
- Take Profit 1: 0.8400
- Take Profit 2: 0.8340
Alternative scenario:
If the level of 0.8530 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8530
- Take profit 1: 0.8620
- Take profit 2: 0.8720
Comment:
RSI indicates the potential for decrease in the medium term.
Key levels:
| Resistance | Support |
| 0.8720 | 0.8400 |
| 0.8620 | 0.8340 |
| 0.8530 | 0.8340 |
