Short Order NZD/CAD @ 0.9040
Updated
I entered short the NZD against the CAD 0.9050 with a stop at 0.9080 and a target at 0.8880.
Sentiment:
The CAD remains supported with the WTI rising to highs of $38. Canada has also seen some strong data which will likely keep it supported going into this weeks rate statement. On the other hand, the Kiwi has seen some poor flow of data released which will likely cause the RBNZ to either cut rates or more likely remain dovish in their statement this week. With both currencies being correlated with commodities any down turn shouldn't impact either currency against the other too much.
Technical:
The pair found some buying pressure around 0.8900 this will be the first target for taking profits.
Data:
Wednesday is the key day with both central banks setting interest rates followed by rate statements.
Risk:
Any shock rate settings against expectations.
Sentiment:
The CAD remains supported with the WTI rising to highs of $38. Canada has also seen some strong data which will likely keep it supported going into this weeks rate statement. On the other hand, the Kiwi has seen some poor flow of data released which will likely cause the RBNZ to either cut rates or more likely remain dovish in their statement this week. With both currencies being correlated with commodities any down turn shouldn't impact either currency against the other too much.
Technical:
The pair found some buying pressure around 0.8900 this will be the first target for taking profits.
Data:
Wednesday is the key day with both central banks setting interest rates followed by rate statements.
Risk:
Any shock rate settings against expectations.
Note
Trade opened and closed when TP was hit after RBNZ rate cut @ 0.8886
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