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NZD/CAD Technical Analysis - NZD/CAD Trading: 2023-07-12
NZD/CAD Technical Analysis Summary
Below 0.8182
Sell Stop
Above 0.8257
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Neutral |
| MA(200) | Buy |
| Fractals | Sell |
| Parabolic SAR | Sell |
NZD/CAD Chart Analysis
NZD/CAD Technical Analysis
The technical analysis of the NZDCAD price chart on 4-hour timeframe shows NZDUSD,H4 is moving to test the 200-period moving average MA(200) which is leveling off. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 0.8182. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 0.8257. After placing the order, the stop loss is to be moved to the next fractal high indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - NZD/CAD
New Zealand’s central bank held rates unchanged while the Bank of Canada is expected to hike rates at 16:00 CET today. Will the NZDCAD price retreating persist?
The Reserve Bank of New Zealand (RBNZ) held rates today as expected after twelve consecutive hikes that added 525 basis points to the base rate, seven of which were 50 bp and a single 75 bp hike. The statement was deemed dovish overall but contained a warning that inflation is still ‘too high’ and inflation expectations need to be contained. A few hours ahead of the RBNZ meeting the Statistics New Zealand reported Visitor Arrivals decline accelerated in May: the number of overseas visitors fell 27.5% over month in My after 16.9% decline in April. Dovish RBNZ stance and falling new arrivals are bearish for New Zealand dollar. On the other hand, the central bank of Canada is expected to hike rates today 25 basis points to 5%, which is bullish for Canadian dollar. In light of above mentioned the current bias for NZDCAD is bearish.
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