NZD/CAD Price Recap
The back and forth price flow continues for NZD/CAD, which starts today off at 0.84685 US dollars, up 98 pips 1.17% from the previous day. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 20.4% from the day prior, but up 118.05% from the same day the week before. Out of the 40 instruments in the Forex asset class, NZD/CAD ended up ranking 12th for the day in terms of day-over-day price change. Here is a price chart of NZD/CAD.
NZD/CAD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: NZD/CAD crossed above its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 7 out of the past 10 days. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 90 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on NZDCAD, with 4 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
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