NZD/CAD Up 12 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Doji and Pin Bar Patterns Appearing on Chart
This is a reversal of the price action on the previous hour, in which price moved down.
(Last Updated February 24, 2021)
Hello! This is the news page for NZDCAD. Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
---|---|---|---|---|---|---|---|
New Zealand Interest Rate Decision | 2021 | New Zealand Dollar | NZD | 2021-02-24 | 01:00 GMT | 0.25% | 0.25% |
New Zealand RBNZ Press Conference | NA | New Zealand Dollar | NZD | 2021-02-24 | 02:00 GMT | ||
New Zealand Balance of Trade | Jan 2021 | New Zealand Dollar | NZD | 2021-02-25 | 21:45 GMT |
If we observe the 90 and 30 day timeframes, we see an uptrend in place for NZDCAD.
Across several time periods between 20 and 200 days, the trend on NZDCAD has remained consistently bullish.
The chart below illustrates.
In terms of correlations over the past week for NZDCAD, it has demonstrated the strongest correlation with NZDUSD. NZDCAD has been most correlated with NZDUSD over the past 14 days also, so this may be a recurring pattern. Alternatively, USDNOK has been the asset least correlated with NZDCAD — but over the past two weeks, CADJPY has been the asset least correlated with NZDCAD. See the chart below to observe the recent price action in NZDCAD versus those of assets it hasn’t been well correlated with.
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At the moment, NZDCAD’s rate is up 35 pips (0.38%) from the week prior. NZDCAD has seen its price go up 4 out of the past 5 weeks, thus creating some compelling opportunities for bulls. As for the trend on the weekly timeframe, we see the clearest trend on the 20 week timeframe. Looking further out, the moving averages on the weekly 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’s weekly price action over the past 52 weeks can be seen via the chart below.
Strongest trend on the 120 month timeframe.
This is a reversal of the price action on the previous hour, in which price moved down.
Compared to its peers in the forex, nzdcad gave its buyers a return that ranked 25th in terms of percentage change since yesterday.
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Bulls may note that this suggests a buy/sell ratio that is infinite.
Relative to other instruments in the forex asset class, nzdcad ranked 12th the day prior in terms of percentage price change.
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.
Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down.
Of note is that the 20 hour changed directions on nzdcad; it is now pointing down.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
This move is a reversal from the hour prior, which saw price move down.