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NZD / CAD (NZDCAD)

MetisEtradePR · 5 · 4364

MetisEtradePR

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on: Nov 07, 2014, 06:26 PM


Support and Resistance Level


NZDCAD has been generally moving in an uptrend for over two years. The currency pair has been testing the channel support of its uptrend at 0.86870. A possible breakout should be taken advantage of by selling the currency pair after it breaches this support level. Profit-taking should be done near the 0.85646 secondary support level.

Trend Indicators

The 10-day (red line), 20-day (blue line) and 100-day (orange line) simple moving average of the NZDCAD weekly chart reveals that the currency pair is has been moving in an uptrend since 2011. In the medium-term, the 10-day SMA crossed below the 20-day SMA confirming that the trend is currently going down. A cross of the shorter-term SMAs below the long-term SMAs indicates a breakout of the long-term uptrend.

Oscillators


The relative strength index (RSI) level of the daily chart reveals that the currency pair is neither overbought nor oversold at the 46.73 level. The currency pair will continue to move in a downtrend as long as RSI levels are between 60 and 20.


MetisEtradePR

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Reply #1 on: Dec 16, 2014, 05:15 PM


Support and Resistance Level

The three-month NZDCAD consolidation has been forming a triangle chart pattern formation. The continuation of the formation of this chart pattern can be taken advantage of by placing a sell position at the resistance level at 0.90460. The currency pair is expected to rebound from this resistance level. Profit-taking should be done near the 0.88350 near support level.

Trend Indicators

The 100-day (red line) and 200-day (blue line) simple moving average of the NZDCAD chart confirms that although the currency pair is consolidating, the long term trend is down since the long-term SMA is above the shorter-term SMA. The long-term SMA serves as a strong resistance level of the downtrend.

Oscillators


The relative strength index of the NZDCAD four-hour chart confirms that the currency pair is currently near an overbought level at 60.75. A break from the 60.0 level confirms that the currency pair will pursue a downtrend.


MetisEtradePR

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Reply #2 on: Jan 22, 2015, 06:58 PM


The Loonie depreciated by about 200 pips after the Bank of Canada unexpectedly cut rates to 0.75% from 1.00% yesterday. The decision to lower interest rates was to counter the risk of falling oil prices on the economy’s economic growth and inflation. Since Canada is primarily an exporter of oil, the sharp decline in the price of the commodity could pose negative effects on their economic growth. The central bank cut 2015 growth forecasts to 2.1% from 2.4%. The forecast is lower than the IMF’s forecast of 2.3%. Additionally, inflation is also expected to be below the 1 to 3% target range for most of 2015. Based on this, a sell position in the Loonie is advisable.


MetisEtradePR

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Reply #3 on: Jan 27, 2015, 04:44 PM


The Loonie has generally been weak as an effect of the falling oil prices in their economy. Given that Canada is a main exporter of oil, the sharp decline in the commodity’s price had negative impact on the growth and inflation of the country. The Bank of Canada unexpectedly decided to cut rates to 0.75% from 1.00% in response to the falling energy costs influencing NZDCAD to reach its 6-month high. The BOC decision is expected to “provide insurance against these risks, support the adjustment needed to strengthen investment and growth, and bring the Canadian economy back to full capacity and inflation to target within the projection horizon.”


MetisEtradePR

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Reply #4 on: Apr 23, 2015, 06:07 PM


Support and Resistance Level

The NZDCAD daily chart shows that the eight-month uptrend has been broken today. A trend reversal is possible given that the currency pair breached the 0.92893 support level today. A sell position should be taken at a confirmation that the currency pair will continue to go down. Profit-taking should be done before the secondary support level at 0.91664 level is reached.

Trend Indicators

The 50-day (red line) and 100-day (blue line) simple moving average of NZDCAD reveals that the currency pair has generally been moving in an uptrend for the past few months. The simple moving average can serve as a support level of the uptrend. Given that prices broke the support level, a trend reversal is possible. Thus, a sell position is recommended.

Oscillators

The relative strength index (RSI) of the NZDCAD four-hour chart shows that the currency pair is oversold. There is heavy selling pressure on the currency pair.


 


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