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NZD/CAD chart on Trading View used for analysis
- NZD/CAD extends sideways grind, finds stiff resistance at 200-DMA at 0.8937.
- Technical studies are supportive of further gains. Break above 200-DMA could propel the pair higher.
- Scope then for test of 0.8998 (110W EMA) ahead of 61.8% Fib at 0.9061.
- The Canadian dollar under pressure as Federal Court blocks Keystone XL pipeline.
- Further, ongoing sell-off in crude oil continues to hurt the demand for the commodity-sensitive loonie.
- The pair finds immediate support at 5-DMA at 0.8850. Break below could see weakness till 110-EMA at 0.8722.
Support levels - 0.8850 (5-DMA), 0.8778 (38.2% Fib)
Resistance levels - 0.8937 (200-DMA), 0.8998 (110W EMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-CAD-Trade-Idea-1452805) has almost hit all targets.
Recommendation: Watch out for break above 200-DMA for further upside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
