NZD/CAD Headed to 0.9300?

NZD/CAD Headed to 0.9300?

NZD/CAD Headed to 0.9300?

We have laid out our case for selling NZD/CAD in #1_best_wkly_big_trad and they center on the political uncertainty in New Zealand following Prime Minister Key’s resignation and the prospect of stronger Canadian data combined with optimism from the Bank of Canada. On a technical basis, the 20-day SMA is crossing below the 50-day SMA and there is tremendous resistance above current levels. The 200-day SMA sits at 0.9488 with the MA cross mentioned above at 0.9540. There’s also a head and shoulders pattern forming in NZD/CAD. We expect the currency pair to drop back down to 94 cents and if we are right on the CAD, we could even see it hit 93 cents. A break above 0.96 cents would be needed to negate our bearish view.

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