Want to get in-depth lessons and instructional videos from Forex trading experts? Register for free at FX Academy, the first online interactive trading academy that offers courses on Technical Analysis, Trading Basics, Risk Management and more prepared exclusively by professional Forex traders. The month of March has been very noisy for the New Zealand dollar overall, but as Forex traders we need to go to where the action is. New Zealand reported an increase in house prices as well as in commodity prices which prevented a breakdown in the NZD/CAD to materialize.
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Nzd To Cad
GBP/USD is on the back foot, trading below 1.37 after UK Retail Sales disappointed with only 0.3% and January’s preliminary PMIs also missed estimates. EUR/USD has been recovering and rising toward 1.22 as January’s eurozone PMIs beat expectations. Earlier, the pair was under pressure amid a souring market mood related to coronavirus and doubts about NZD CAD US stimulus. Sign up to get the latest market updates and free signals directly to your inbox. The NZD/CAD pair is a market that we’ve been paying attention to recently. While they are both driven by moderate easing general, the reality is that certain commodities are going to be more sensitive to economic conditions at the moment than others.
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Get the weekly Forex forecast for major currency pairs for the week of January 20, 2020 here. Bullish flag formed under the horizontal resistance, overall bullish. Will open a long either on the confirmed breakout of the bullish flag or crossover above the horizontal resistance on 0.88290. OANDA Corporation ULC accounts are available to anyone with a Canadian bank account.
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Understanding Live Exchange Rates
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Bearish momentum in the NZD/CAD is expected to pressure for more downside after price action completed a breakdown below its resistance zone. Bearish momentum is accumulating after this currency pair pushed into its resistance zone on the back of the low volume. OANDA Australia Pty Ltdis regulated by the Australian Securities and Investments Commission ASIC (ABN , AFSL No. ) and is the issuer of the products and/or services on this website. It’s important for you to consider the current Financial Service Guide NZD CAD , Product Disclosure Statement (‘PDS’), Account Terms and any other relevant OANDA documents before making any financial investment decisions. The Canadian Dollar’s path forward appears marginally better versus the Euro, with EUR/CAD trading just below the 23.6% Fib retracement (1.5583) from the February-March move. Trendline support from the February low may stifle any push lower as was the case last month. The most immediate challenge for Euro bulls will be reclaiming the aforesaid Fibonacci level.
New Zealand Dollar (currency Code: Nzd)
Canada usually has a modest trade surplus, with 70% of its exports going to the U.S. In the past two decades New Zealand has transformed from an agrarian economy to a globally competitive, industrialized, free market economy. The Canadian Dollar’s outlook against the Australian Dollar appears to be the dimmest among the pairs discussed above. AUD/CAD set a new multi-year high as the cross extends a rally from October, with trendline support underpinning the ascent on any pullbacks. The 78.6% Fibonacci retracement from the move likely will serve as major support on any pullback after the cross broke above the level following multiple intraday attempts in late December. Head & Shoulders We have the reversal pattern playing out however no re test of previous neckline.
The NZD/CAD pair initially fell during the course of the day on Friday, but drove much higher and finally reached the 0.90 level, an area that we have been talking about for some time now. The New Zealand dollar has fallen a bit over the last several weeks, and then started to consolidate against the Canadian dollar. After this currency pair descended into its short-term support zone, the corrective phase ended.
Debates Sobre Nzd
The Canadian Dollar appears to be at a disadvantage versus the New Zealand Dollar, with NZD/CAD currently testing trendline resistance as the cross progresses towards a third consecutive daily gain. This live currency chart enables you to track the progression of the https://umarkets.net/forex/nzd-to-cad/ over the last 10 minute period. Your ability to comment is currently suspended due to negative user reports. Hello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. Markets are edging lower and the safe-haven dollar is gaining ground amid concerns of extended lockdowns, vaccination bottlenecks, and hurdles to passing US stimulus.
I have read and understood Investing.com Canada’s comment guidlines and agree to the terms described. I have read and understood Investing.com UK’s comment guidlines and agree to the terms described. This symbol represents the New Zealand Dollar – Canadian Dollar cross pair. These two currencies are both categorized as commodity currencies. Canada is primarily associated with oil and lumber, conducting significant trade with the United States. New Zealand is more associated with agricultural commodities and exports dairy and meat products to Australia and China. I have read Investing.com’s comments guidelines and agree to the terms described.