FxWirePro: NZD/CAD Trade Idea

NZD/CAD chart on Trading View used for analysis

FxWirePro Currency Strength Index for NZD/CAD: Bias Bullish
FxWirePro's Hourly NZD Spot Index was at 100.667 (Bullish)
FxWirePro's Hourly CAD Spot Index was at -94.7994 (Bearish)

Technical Analysis: Bias Bullish
- Bounces off 21-EMA support, extends gains for the 2nd straight session
- Price action above cloud and major moving averages
- Breaks above 5-DMA at 0.9139
- Breaks above 1H 200 SMA, intraday charts are biased higher

Fundamental Factors:
- New Zealand Q3 GDP figures (due Wed) will drive price action if there is any significant surprise. Markets expect Q3 GDP to edge lower to 0.6% from 1.0% in the previous quarter.
 - Focus also on Bank of Canada's (BoC) Consumer Price Index due Wednesday for further direction.

Support levels - 0.9139 (5-DMA), 0.9093 (21-EMA), 0.8982 (May 2 low)
Resistance levels - 0.9227 (Jun 22 high), 0.9251 (Dec 5, 11 high), 0.9275 (Apr 18 high)

Recommendation: Good to go long on dips around 0.9170, SL: 0.9135, TP: 0.92/ 0.9225/ 0.9250

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.