Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of Canada's (BoC) latest survey showed that most market participants expect the BoC to hold its policy rate at 5% until the end of 2023, as reported by Reuters.
NZD/CAD,D1
Pivot: 0.8143
Analysis:
As long as the price is below 0.8260 follow the recommendations below
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8143
- Take Profit 1: 0.8100
- Take Profit 2: 0.8025
Alternative scenario:
If the level of 0.8260 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8260
- Take profit 1: 0.8350
- Take profit 2: 0.8400
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 0.8400 | 0.8100 |
| 0.8350 | 0.8025 |
| 0.8260 | 0.7950 |
