Chapter 35 Is NZDCAD on the way down?
17/05/2023
Summary
Canada's rise in inflation leads the market
Fundamental analysis
Fundamentally on this pair of NZDCAD, two days ago in Canada, we witness a CPI inflation rate data release With rising figures from 4.1% Previous to 4.4% actual this figure will make the central bank in Canada will think to raise the interest rate, in the end, this will give strength to the Canadian dollar.
Canada CPI YoY
Prev: 4.1%
Act: 4.4%
Technical analysis
In this 4-hour diagram chart, the market price now is 0.84102, we expect the market to push the price down to the previous demand zone at 0.83600 And after that, we expect the market to do pull back to touch the 20 moving average and from that point onward market will fall down to the oldest demand zone at 0.83000 with the 20-moving pointing down.
Trading Recommendation
Trading Direction: Short
Entry Price: 0.83948
Target Price: 0.83045
Stop Loss: 0.0.84364
