Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of Canada's Summary of Deliberations from April built on its hawkish message by outlining the argument for (and against) a rate hike in April and acknowledging that the economy was proving to be stronger than expected in January.
NZD/CAD,D1
Pivot: 0.8357
Analysis:
As long as the price is below 0.8400 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8357
- Take Profit 1: 0.8250
- Take Profit 2: 0.8150
Alternative scenario:
If the level of 0.8400 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8400
- Take profit 1: 0.8500
- Take profit 2: 0.8560
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 0.8560 | 0.8250 |
| 0.8500 | 0.8150 |
| 0.8400 | 0.8050 |
