NZDCAD - Bearish Bias
NZD - Strong Bearish
1️⃣ The expectation of an interest rate hike is already expected. Not surprising the market.
2️⃣ Coronavirus cases in New Zealand. The number of cases reported today was 39 cases compared to 34 the previous day.
3️⃣ Global market sentiment traded lower due to the uncertainty of the US debt limit. Risky market sentiment usually weighs on high-beta currencies such as NZD & AUD.
CAD - Weak Bullish
1️⃣ Rising crude oil prices support the strength of CAD.
2️⃣ In August, Canada’s trade surplus increased to CAD 1.94 billion, from CAD 0.74 billion in the previous month, and surpassed the market forecast of a CAD surplus of 0.43 billion.
3️⃣ Canada’s IVEY PMI is forecast to rise in September following the easing of restrictions.
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Technical
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Sell Opportunity on NZDCAD after the price failed to break the resistance level.
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Risk to this trade
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Any change in sentiment could turn the pair's direction.
Don't forget to like, comment, and subscribe for more ideas.
1️⃣ The expectation of an interest rate hike is already expected. Not surprising the market.
2️⃣ Coronavirus cases in New Zealand. The number of cases reported today was 39 cases compared to 34 the previous day.
3️⃣ Global market sentiment traded lower due to the uncertainty of the US debt limit. Risky market sentiment usually weighs on high-beta currencies such as NZD & AUD.
CAD - Weak Bullish
1️⃣ Rising crude oil prices support the strength of CAD.
2️⃣ In August, Canada’s trade surplus increased to CAD 1.94 billion, from CAD 0.74 billion in the previous month, and surpassed the market forecast of a CAD surplus of 0.43 billion.
3️⃣ Canada’s IVEY PMI is forecast to rise in September following the easing of restrictions.
=====
Technical
=====
Sell Opportunity on NZDCAD after the price failed to break the resistance level.
=====
Risk to this trade
=====
Any change in sentiment could turn the pair's direction.
Don't forget to like, comment, and subscribe for more ideas.
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