Forex
NZDCAD Breaks Key Support; Further Sell Opportunity?
- 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.
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.