NZDCAD waiting to break highs

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
86 14
I'm waiting for a trigger to go long NZDCAD . Still think a retracement to the bottom of the channel might be comming before a move to the upside.
Comment: thought correction had ended, it still has not
TAS, you forgot to mention what NZD would correlate with? :) Actually, am asking seriously...if it does with sthg, at all..
TAS abundance28
NZD is a small country and it's income comes from agriculture. So correlation might be with caddle or other comodities. NZDCAD does have 75% correlation with Gold http://www.myfxbook.com/forex-market/correlation/NZDCAD
thx very much bro!
TAS abundance28
The answer could be longer. Asian Countries export more to Asian Countries, they are closer. So China is a main importer of goods. If China is well, they'll import more, so NZD and AUD tend to value. If China is Bad, imagine construction is down, AUD will devalue. That is because Construction consumes a lot of copper in electric cables and Australia has copper as one of their major exports to China. Everything is related. But, just look at the chart it already sais it all :)
thx, I was observing the CAD - USOIL correlation myself and actually traded by using that, but I did not get these two.... Now, am more or less in the picture :)
Sorry after re reading it it was very all over the place

I noticed a few people are planning on shorting the NZD/CAD based on the proposed interest rate decision with the RBNZ but some are planning on going long ? Is this because of the influence the oil has over the CAD as Canada's main commodity ?

I'm trying to determine while someone will go long is this because of the proposed interest rate decision or because of the technical aspects of oil over the CAD

Sorry if I made no sense I'll pm after this in the future?
TAS Energy3
well, if you are new, don't trade news. I'll give you a briefing. Cad has a strong correlation with Oil because it is one of the biggest oil exporters, so if Oil is going up, it means Canada would sell Crude oil more expensive and more money would enter the contry, so CAD would go up. AUD is a big exporter of metals so it has a big correlation with Gold. It's main importer is China. So far this is just an introduction. Imagine two news that would have nothing to do with CAD or AUD and how it would affect it. If the USA come out with a low Oil reserve what is the result???? A low Oil reserve news on USA would mean that they would need to buy more oil, so a low result on USA oil reserves affects CAD. Also, Australia exports gold and copper. Imagine China has a bad new construction news, it means it will be buying less copper and so less money will enter Australia and will affect the currency. Interest Rates and NFP (USA non Farm Payrolls) move the market quite a bit so if you are new, stay away from news. But answering your question, it all depends on your strategy. Usually news will give you a better price to enter, or break away to the expected direction. Also, I may trade the 5minuts chart one way and make money and another person trade the 4H timeframe the other way and make money. I think with news, price will come down, hit the trendline for a couple of days, and then go up. But that's my view, my strategy is another thing, only if it does the move I expect i will enter. Is that too much?
No worries appreciate the time taken. I am a long way away from trading as you could expect. I am in the process of learning the fundamentals for now.

Thanks again. If i have any future questions I will PM directly. Most appreciative!
TAS Energy3
No problem, glad to help.
There has been a bit of talk around shorting the NZD/CAD correct
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