If the market gets confirmation that Canadian economy is doing better than the US one, which had a very bad Q2, USD/CAD will suffer.
NZD/CAD: short-term correction
2020-07-23 • Updated
NZD/CAD has reached a 200-week MA (0.8950) and formed a “shooting star” candlestick on the D1. On the H4, we see a lower high. This means that the pair may test support at 0.8900/0.8885 before resuming attempts to get higher.
Trade idea for NZD/CAD
SELL 0.8920; TP 0.8900; SL 0.8930
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
US stocks are set to open lower Friday, with investors worry over rising tensions between the US and China, deadlock over the next virus relief bill and possible disappointments from the key monthly employment report.
The pair was falling down amid the waning US dollar. However, the situation changed this month.
Dollar continues to keep firmer on the day, all eyes on the US jobs report later.