NZD/CAD chart - Trading View
Fundamental Factors:
- The Canadian dollar strengthened on the back of resurgent oil prices
- Oil prices reached fresh 2019 highs after President Trump said the US wouldn't renew Iranian oil waivers.
- Further, speculations that China will soon opt out of heavy stimulus is weighing on the antipodeans
Technical Analysis:
- NZD/CAD retraces from session highs at 0.8924
- Price action below major EMAs and daily cloud
- Momentum with the bears, MACD and DMI support weakness
- Downside finds strong support at 50W SMA at 0.8908
- Technical indicators on weekly charts are also bearish
Support levels - 0.8908 (50W SMA), 0.8887 (200-DMA), 0.8801 (50% Fib)
Resistance levels - 0.8936 (5-DMA), 0.90 (21-EMA), 0.9036 (55-EMA)
Recommendation: Stay short on break below 200-DMA (0.8887), SL: 0.8940, TP: 0.88/ 0.8688 (61.8% Fib)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
