NZD/CAD Makes Big Move Relative to Past Month, Down 106 Pips; in a Downtrend Over Past 90 Days

NZD/CAD Price Recap

NZD/CAD is down 106 pips (1.25%) since yesterday (with its current price near 0.83225), marking the 2nd day in a row it has gone down. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 30.19% from the day prior, but down 6.79% from the same day the week before. Relative to other instruments in the Forex asset class, NZD/CAD ranked 25th yesterday in terms of percentage price change. Here is a price chart of NZD/CAD.

NZD/CAD Technical Analysis

The first thing we should note is that NZD/CAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 124.3 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 5 out of the past 10 days.

A final note on correlations: in the recent most week, the currency pair bearing the strongest correlation to NZD/CAD has been NZD/USD — a common occurrence, given the presence of NZD in both currency pairs. Alternatively, regarding pairs with the lowest correlation to NZD/CAD? Well, look no further than CAD/JPY if you’re focused on just this past week, or USD/MXN for a look at a broader, two week window.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCAD; just 2 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on tradingview.com that we thought you might enjoy.