FX:NZDCAD   New Zealand Dollar/Canadian Dollar
NZD - BEARISH
1️⃣ New Zealand extended its level three lockdown restrictions in Auckland until at least midnight on Sunday, reporting 7 fresh cases of the coronavirus as community transmission persists.
2️⃣ The volume of total retail sales in New Zealand declined a seasonally adjusted 14.6% in the second quarter of 2020, posting the largest drop in total volume sales since the series began in 1995.

CAD - BULLISH
1️⃣ CAD lifted by a rise in oil prices after tropical storms Marco and Laura hit the Gulf of Mexico and amid optimism about coronavirus treatments.
2️⃣ US Dollar Index ( DXY ) is staying on the back foot as the greenback struggles to grab investors' attention as a safe-haven.

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TECHNICAL
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- We shorting NZDCAD on pivot point level + SMA100 area + SBR level on H1 chart.
- NZDCAD in bearish zone.

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RISK TO THIS TRADE
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This trade will hit stop loss if oil prices going down and market sentiment turns to risk-off mode.

Comments

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