FxWirePro:NZD/CAD trades higher on weak crude oil prices, good to buy at dips
Major Resistance- 0.902 Major support – 0.8750 The pair has minor trend line resistance 0.8870 (trend line joining 0.90205 and 0.8905) and jumped till 0.89905 from that level. It is currently trading around 0.89556 CAD s…
The pair has minor trend line resistance 0.8870 (trend line joining 0.90205 and 0.8905) and jumped till 0.89905 from that level. It is currently trading around 0.89556
CAD slightly declined against all major pairs due to Doha meet failure. Oil declined today morning to $37.61 and is currently trading around $38.54 compared to Friday close of $40.36.Doha meet failed to reach agreement on oil output freeze.
Short term trend is slightly bullish as long as support 0.8850 holds.
The pair’s major resistance is around 0.9020 and any break above 0.8920 will take the pair to next level 0.906/0.9100/0.9118.
On the lower side major support is around 0.8750 (Mar 23rd low) and break below targets confirms minor trend reversal a decline till 0.8700/0.8670 is possible. The minor support is around 0.888 (Tenken-Sen &Kijun-Sen)
It is good to buy at dips around 0.8900 with SL around 0.885 for the TP of 0.9000/0.9020.
