Source: PaxForex Premium Analytics Portal, Technical Insight

Market participants now look forward to the Canadian monthly Retail Sales data, which, along with the flash US PMI prints, could provide some impetus to the CAD rates.

NZD/CAD,D1

Pivot: 0.7873

Analysis:

As long as the price is below 0.8030 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.7873
• Take Profit 1: 0.7850
• Take Profit 2: 0.7800

Alternative scenario:

If the level of 0.8030 is broken-out, follow the recommendations below:   

• Time frame: D1
• Recommendation: long position
• Entry point: 0.8030
• Take profit 1: 0.8125
• Take profit 2: 0.8180

Comment:

RSI shows a downtrend in the medium term.

Key levels: