Source: PaxForex Premium Analytics Portal, Technical Insight
BoC Governor Tiff Macklem said that it is reasonable to expect more rate cuts as the BoC has made progress in bringing inflation back down to the 2% target.
NZD/CAD,D1
Pivot: 0.8518
Analysis:
As long as the price is above 0.8400 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8518
- Take Profit 1: 0.8600
- Take Profit 2: 0.8700
Alternative scenario:
If the level of 0.8400 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8400
- Take profit 1: 0.8300
- Take profit 2: 0.8200
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 0.8800 | 0.8400 |
| 0.8700 | 0.8300 |
| 0.8600 | 0.8200 |
