Source: PaxForex Premium Analytics Portal, Technical Insight

A modest downtick in crude oil prices undermines the commodity-linked loonie and offers it some support.

NZD/CAD,D1

Pivot: 0.7873

Analysis:

As long as the price is below 0.7905 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.7811
• Take Profit 1: 0.7720
• Take Profit 2: 0.7665

Alternative scenario:

If the level of 0.7905 is broken-out, follow the recommendations below:   

• Time frame: D1
• Recommendation: long position
• Entry point: 0.7905
• Take profit 1: 0.7980
• Take profit 2: 0.8050

Comment:

RSI shows a downtrend in the medium term.

Key levels: