This should not only underpin the Canadian dollar against the New Zealand dollar but also strengthen it through 2019, pushing NZD/CAD lower as the rate differential between the two central banks widens.
The chart below shows how NZD/CAD has pushed higher recently - due primarily to a weak oil complex - and this is expected to slow or reverse shortly as oil stabilizes. The in place off the late 2016 high remains in place and should start to apply downside pressure shortly, while the 38.2% of the late 2015-late 2016 rally cuts across the around 2 points from the spot price. The indicator at the bottom of the chart is in extreme overbought territory, flashing a further sell-signal. The pair would need to break and close above 95.17 – the March 2018 high – to invalidate the set-up