NZD/CAD Up 6 Pips Over Past Hour, Makes Big Move Relative to Past Month; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated November 2, 2022 1:42 GMT)

At the moment, NZDCAD’s rate is up 6 pips (0.08%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 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 up 42 pips (0.53%) since yesterday (opening today near 0.79606989), marking the 3rd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, NZDCAD ranked 2nd yesterday in terms of percentage price change. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Notably, NZDCAD is now close to its 20, 50 and 100 day averages, located at 0.7804, 0.7866 and 0.7971 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 7 out of the past 10 days.

The View From Around the Web

Not much commentary on NZDCAD that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Possible pattern spotted. Head and shoulders pattern forming? ABC ZIgzag? Let’s see what happens.