Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of Canada has raised its benchmark interest rate again, to 4.5 percent. The move was widely expected by economists as the bank tries to wrestle record-high inflation into submission. It's the eighth time in less than a year that the bank has hiked its trendsetting rate — a move that will make borrowing money more expensive.
NZD/CAD,D1
Pivot: 0.8647
Analysis:
As long as the price is above 0.8450 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8647
- Take Profit 1: 0.8730
- Take Profit 2: 0.8880
Alternative scenario:
If the level of 0.8450 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8450
- Take profit 1: 0.8350
- Take profit 2: 0.8250
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 0.8900 | 0.8450 |
| 0.8800 | 0.8350 |
| 0.8730 | 0.8250 |
