Trading opportunities for currency pair: the NZD/CAD has done the minimum after leaving its sideways trend. After an update of the maximum, I’ expecting a return to 0.8490 fof the New Zealander.
The last idea I did for the NZD/CAD came out 28th September. Back then the NZD/CAD was bouncing from the 0.8289-0.8355 support zones and exited the sideways trend which it was stuck in. Due to this, I considered a strengthening of the New Zealand dollar against its Canadian counterpart to 0.8698. The target was reached on 8th October. On Friday, the New Zealander reached 0.8709.
Despite a growth in oil quotes, the technical factors are still controlling the market. In addition to this, the 149th Global Dairy Trade auction index shot up by 9.9%.
What’s interesting at the moment?
The NZD/CAD lifted to 0.8709. Since the CCI indicator is in the +100 zone, the risks of testing 0.8730 are very high. I’m expecting it to force a return to 0.8490 for the New Zealander. Here I’m hedging my bets more on the technical factors than the fundamental ones.
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