NZD/CAD TO FALL IN THE COMING WEEKS

Short

New Zealand Dollar/Canadian Dollar (FX:NZDCAD)

FX:NZDCAD New Zealand Dollar/Canadian Dollar

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In its last Interest rate statement, the Reserve Bank of New Zealand, stated that it expects to keep interest rates at a record low for another two years as the outlook for economic growth weakens. According to a
Bloomberg Report, the Central has said that the chances for a rate cut has
increased.
This has caused the New Zealand dollar to become a less favorable currency for investors to invest in hence the recent drop of the currency against major currencies. On the other hand, today Canadian CPI beat expectations
which has increased the likelihood of the Bank of Canada to increase interest rates. Now comparing the two, we have a clear distinction between these two currencies.
The 1 Hour time frame for the NZD/CAD pair has it rising towards the 0.8680s which will probably serve as the point for reversal to target 0.85700 region.

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