Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of Canada’s move to come off the sidelines after a five-month pause has sent a signal that some economic pain will be needed to tame stubborn inflation, leading investors to raise bets on a hard landing for the economy.
NZD/CAD,D1
Pivot: 0.8100
Analysis:
As long as the price is below 0.8270 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8069
- Take Profit 1: 0.8050
- Take Profit 2: 0.7950
Alternative scenario:
If the level of 0.8270 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8270
- Take profit 1: 0.8350
- Take profit 2: 0.8450
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 0.8450 | 0.8050 |
| 0.8350 | 0.7950 |
| 0.8270 | 0.7850 |
