(Last Updated July 7, 2020)
Hello! This is the news page for NZDCAD. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
On NZDCAD, there is currently an uptrend on the 90, 30 and 14 day timeframes.
Across several time periods between 20 and 200 days, the trend on NZDCAD has remained consistently bullish.
Below is a chart showing NZDCAD’s price with its moving averages.
In terms of correlations over the past week for NZDCAD, it has been most correlated with NZDUSD. NZDUSD is the asset with which NZDCAD has been most correlated with over the past two weeks as well, so this may be a recurring pattern. On the flip side, CHFJPY has been the asset least correlated with NZDCAD — but if we observe the prior two weeks, the asset least correlated with NZDCAD has been TRYJPY. The chart below illustrates NZDCAD against its least correlated assets.
.
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.
Relative to other instruments in the forex asset class, nzd/cad ranked 21st yesterday in terms of percentage price change.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
Price is taking a breath before making another move up.
The closest is the 20 day average, which is 59.5 pips away.
As for the rationale, technical traders seem to be citing the appearance of channel, divergence and fibonacci technical patterns.
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.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up.
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
This imputes a buy/sell ratio of 0.17, which is quite bearish.