NZD/CAD Up 5 Pips Over Past Hour; Moves Up For the 7th Straight Day

Hourly Update

(Last Updated November 12, 2020 1:32 GMT)

At the time of this writing, NZDCAD’s rate is up 0.0005 (0.06%) from the hour prior. NZDCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

NZDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDCAD is up 100 pips (1.13%) since the previous day (opening today near 0.89895), marking the 7th straight day an upward move has occurred. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 2nd in terms of percentage change since the previous day. Below is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

The first thing we should note is that NZDCAD is now close to its 20, 50 and 100 day averages, located at 0.8795, 0.8791 and 0.8802 respectively, and thus may be at a key juncture along those timeframes. 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 100 day average, which is 187.7 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 18 out of the past 30 days.

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 9 sell signals. This imputes a buy/sell ratio of 0.44, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

⭐Welcome back Traders, Investors and Community!…Analysis of #NZDCADIf you have found this useful then help us support my page by hitting the LIKE button….***⭐Strategy: Double top on the rising channel with good R/R 9% A clear chart is Always the best business card for a trader.