NZD CAD Technical Analysis | NZD CAD Trading: 2024-11-06 | IFCM
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NZD CAD Technical Analysis - NZD CAD Trading: 2024-11-06

NZD/CAD Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Below 0.82367

Sell Stop

Above 0.83319

Stop Loss

Ara Zohrabian
Ara Zohrabian
Senior Analytical Expert
Articles2617
IndicatorSignal
RSI Neutral
MACD Sell
Donchian Channel Sell
MA(200) Sell
Fractals Sell
Parabolic SAR Sell

NZD/CAD Chart Analysis

NZD/CAD Chart Analysis

NZD/CAD Technical Analysis

The technical analysis of the NZDCAD price chart on 4-hour timeframe shows NZDUSD,H4 is declining under the 200-period moving average MA(200) which is declining itself. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 0.82367. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 0.83319. After placing the order, the stop loss is to be moved to the next fractal high indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis of Forex - NZD/CAD

New Zealand’s unemployment rose less than expected while Canada’s services sector resumed growing. Will the NZDCAD price retreating persist?

New Zealand’s unemployment rose to 4.8% in the third quarter from 4.6% the previous quarter when an increase to 5% was expected. The annual wage inflation slowed for a sixth straight quarter. Smaller than expected rise in New Zealand unemployment is bullish for the New Zealand dollar and NZDCAD pair. At the same time the S&P Global reported Canada’s services activity returned to growth in October: Canada Services PMI rose to 50.4 in October 2024, up from 46.4 in September. It is the first expansion in the services sector in five months. New business volumes rose driven by improving market demand. Employment rose for the first time in three months. Resumption of growth in Canadian services sector is bullish for Canadian dollar and bearish for NZDCAD currency pair.

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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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