1. Technical Analysis:
Trend: Check if NZD/CAD is in an uptrend on the daily or 4-hour chart. Look for higher highs and higher lows.
Support/Resistance: Identify key support levels where the price might bounce. A break above resistance could signal further bullish momentum.
Indicators: Use tools like RSI (Relative Strength Index) to check for overbought/oversold conditions. A bullish divergence on RSI could indicate potential upward movement.
Moving Averages: If the price is above key moving averages (e.g., 50 EMA or 200 EMA), it could support a bullish bias.
2. Fundamental Analysis:
NZD Strength: Look for positive economic data from New Zealand (e.g., GDP, employment, or inflation data). Stronger NZD data could push the pair higher.
CAD Weakness: Weaker oil prices (Canada is a major oil exporter) or dovish signals from the Bank of Canada (BoC) could weaken the CAD, supporting NZD/CAD upside.
Risk Sentiment: NZD is a risk-sensitive currency. If global risk sentiment improves (e.g., rising equity markets), NZD/CAD could benefit.
Trend: Check if NZD/CAD is in an uptrend on the daily or 4-hour chart. Look for higher highs and higher lows.
Support/Resistance: Identify key support levels where the price might bounce. A break above resistance could signal further bullish momentum.
Indicators: Use tools like RSI (Relative Strength Index) to check for overbought/oversold conditions. A bullish divergence on RSI could indicate potential upward movement.
Moving Averages: If the price is above key moving averages (e.g., 50 EMA or 200 EMA), it could support a bullish bias.
2. Fundamental Analysis:
NZD Strength: Look for positive economic data from New Zealand (e.g., GDP, employment, or inflation data). Stronger NZD data could push the pair higher.
CAD Weakness: Weaker oil prices (Canada is a major oil exporter) or dovish signals from the Bank of Canada (BoC) could weaken the CAD, supporting NZD/CAD upside.
Risk Sentiment: NZD is a risk-sensitive currency. If global risk sentiment improves (e.g., rising equity markets), NZD/CAD could benefit.
Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.