Source: PaxForex Premium Analytics Portal, Technical Insight
As Canadian growth remains subdued and without further BoC tightening, Wells Fargo analysts see the potential for further Canadian dollar weakness over the next several months.
NZD/CAD,D1
Pivot: 0.8039
Analysis:
As long as the price is below 0.8100 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8039
- Take Profit 1: 0.7950
- Take Profit 2: 0.7850
Alternative scenario:
If the level of 0.8100 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8100
- Take profit 1: 0.8170
- Take profit 2: 0.8250
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 0.8250 | 0.7950 |
| 0.8170 | 0.7850 |
| 0.8100 | 0.7750 |
