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NZDCAD Breaks Key Support; Further Sell Opportunity?

Published

8 years ago

on

USDCAD
  • NZDCAD Breaks Key Support; Further Sell Opportunity?

I first mentioned this pair sell potential in December but after hitting our target at 0.9298, it rebounded. Reaching as high as 0.9651 in February.

However, after a gravestone doji was formed in the late February below 0.9505 support levels, this pair attractiveness surged, plunging as much as 150 pips.

NZDCADWeekly

Similarly, with the growing Canadian manufacturing sector and continuous improvement of the labour market after adding 82,600 jobs so far this year. This pair is poised for more sell opportunity– especially with the uncertainty surrounding the U.S. interest rate and global risk.

Likewise, the New Zealand dollar remained overpriced has stated by the Reserve Bank of New Zealand governor, Graeme Wheeler.

Therefore, I remain bearish on this pair as long as our December support (0.9298) turned resistance holds.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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