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BK Big Trade – New NZD/CAD Orders Stopped
11/30 Update -- NZDCAD Second entry TRIGGERED -- Average price now at 0.8725
11/17 update -- NZD/CAD First Entry Triggered
BK Big Trade -- New NZD/CAD Orders
Place Order to Sell 1 lot of NZD/CAD at 0.8620
Place Order to Sell 1 More at 0.8830
Stop for ALL at 0.9010
New Zealand dairy prices declined for the third time in a row by the largest amount since July 2015. The Reserve Bank of New Zealand is not going to be happy with this latest news and expectations for another rate cut should grow. Typically, a drop in dairy prices tends to have continuation and we have strong reasons to believe that the New Zealand dollar will continue to fall.
The best currency to buy versus NZD is the Canadian dollar because we believe $40 is the floor in oil. Geopolitical uncertainty is also positive for oil and if some analysts are right in predicting that this will discourage the Fed from acting next month, oil should trade higher.