NZD/CAD Up 3 Pips Over Past Hour, Moves Down For the 2nd Straight Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated June 15, 2022 1:44 GMT)

At the moment, NZDCAD’s rate is up 3 pips (0.04%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as NZDCAD has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

NZDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDCAD is down 23 pips (0.28%) since the day prior (opening today near 0.80483202), marking the 2nd straight day a decline has happened. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 28th in terms of percentage change since the day prior. The price chart of NZDCAD below illustrates.

NZDCAD

NZDCAD Technical Analysis

The first thing we should note is that the current price of NZDCAD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 18 out of the past 30 days.