NZD/CAD sell alert: New Zealand Dollar weakens against Canadian Dollar

September 18, 2023 04:43 AM PDT | By Invezz

NZD/CAD sell alert: New Zealand Dollar weakens against Canadian Dollar — Image source: Invezz

Trade idea summary

Buy/sell asset: Sell NZD/CAD
Entry price: 0.80115
Stop loss: 0.80483
Leverage: 3x
Take profit 1: 0.79700
Take profit 2: 0.79200
Take profit 3: 0.78787
Timeframe: 1-2 weeks
Maximum profit: 4.95%
Maximum loss: 1.38%

NZD/CAD chart and technical analysis

NZD/CAD has been bearish since last December 2022. Price is making lower lows and is not showing any signs of reversal and will possibly continue its bearish trend in the coming weeks and months.

Price recently dropped below the previous low and support level around 0.79997. Price will possibly retrace back to the 0.80115 resistance level before heading for making new lows.

0.80115 is a safe price to enter for a sell trade with a substantial return on investment opportunity.

NZD/CAD fundamental analysis

There is no major news event today. However, tomorrow’s CPI news on the Canadian Dollar can impact price significantly. Positive data will strengthen the Canadian Dollar and negative data will weaken the Canadian Dollar.

Overall Canadian Dollar is recovering and is comparatively stronger than the New Zealand Dollar and will possibly remain so.

NZD to CAD trade setup takeaways

NZD/CAD will continue its bearish trend, as the overall trend is bearish on all major time-frames with no signs of potential reversal.
Entry and stoploss have been placed at secure prices.
I will be closely watching this trade while the CPI data is published tomorrow and will exit the trade immediately if data inversely impacts the trade
Good luck!

The post NZD/CAD sell alert: New Zealand Dollar weakens against Canadian Dollar appeared first on Invezz.

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