We don’t analyze this pair so often, but here is interesting trade setup. Looking weekly chart this pair is in a down trend.

nzdcad-w

If you measure Fibonacci from last low till recent high, you will see that price is approaching to 50% retrace, which is leveled with weekly support. So I’m seeing two possibility here: (1) that price will give us some kind of daily or 4h signal to long that pair from 50% = support. Or we will get strong break of support and then retest of it from bellow and then look for short signal (2).

nzdcad-d

Don’t forget on oil influence here, since oil is also at major support, possible turning point. If oil will bounce up today or in future days, this pair could tank.
Later today we have Manufacturing Sales m/m news in Canada. In New Zealand there is Inflation Expectations q/q news tomorrow.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.