The Bank of Canada is predicted to keep interest rates unchanged at 0.25%. Forex traders can compare this to the previous Bank of Canada Interest Rate Decision, where interest rates were kept unchanged at 0.25%.
The forecast for the NZD/CAD remains bearish, with the descending Ichimoku Kinko Cloud maintaining selling pressure on this currency pair. Traders should expect an increase in volatility over the short term after the Kijun-sen entered a sideways trend. Confirming dominance of bears is the descending Tenkan-sen and the CCI, which bounced higher after challenging extreme oversold territory.
Should price action for the NZD/CAD remain inside the or breakdown below the 0.8670 to 0.8740 zone, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8710
- Take Profit Zone: 0.8340 – 0.8395
- Stop Loss Level: 0.8810
Should price action for the NZD/CAD breakout above 0.8740, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8810
- Take Profit Zone: 0.8925 – 0.8995
- Stop Loss Level: 0.8740
Cisco | Fundamental Analysis
EUR/JPY | Euro to Japanese Yen Trading Analysis
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EUR/JPY | Euro to Japanese Yen Trading Analysis
