RedHotCandlestick
Short

NZD/CAD - Another CAD pairs on the move

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
Dear community,

we keep it short and crisp this time - not meaning it is worth less! Scenario is more or less the same as we have already mentioned in our AUD/CAD             analysis (which you can find here).

Making a long story short, the pair bounced back from the resistance zone, which can be found at around 0.9580 and is dropping ever since.

A realistic target to aim for is the intermediate target zone found on our chart. This scenario gives is an ok chance/risk ratio of 1:1 by using a conservative SL at 0.9600. However, if the pair manages to bust through the intermediate target zone it is basically lose and could even drop down to our primary target at 0.8600 - oh what a trade that could potentially be!

Keep in mind that there is somewhat of an uptrend still intact, which could mean that the intermediate target zone could be used as a good enough level to be accepted as a correction bottom. This would activate our alternative scenario.

Only time will tell. We, however, opened a small short position aiming for our primary target. It is only small as we have already an open trade on AUD/CAD             .

Good luck!
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