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BK Big Trade – New NZD/CAD Orders – CANCELED
**Orders Cancelled 7/20
**CANCEL and REPLACE NZD/USD Orders with
1. Sell NZD/CAD
Place Order to Sell 1 Lot NZD/CAD at 0.8560
Place Order to Sell 1 More Lot NZD/CAD at 0.8780
Now that the Bank of Canada has cut rates, we think the CAD sell off has almost run its course. The BoC should be done lowering rates this year and now the focus will shift to the RBNZ who meets next week. Its time to position for a short NZD trade and while selling NZD/USD outright looks great, its oversold. We prefer to sell NZD versus CAD looking for fresh 1 year lows