Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of Canada (BoC) suggested in the statement at its December meeting that the governing council felt more optimistic about the nation's inflation outlook and opened the door for additional rate hikes.
NZD/CAD,D1
Pivot: 0.8406
Analysis:
As long as the price is above 0.8200 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8406
- Take Profit 1: 0.8450
- Take Profit 2: 0.8550
Alternative scenario:
If the level of 0.8200 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8200
- Take profit 1: 0.8100
- Take profit 2: 0.8000
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 0.8650 | 0.8200 |
| 0.8550 | 0.8100 |
| 0.8450 | 0.8000 |
