NZD/CAD dropped again in the short term but the support holds for now, so it could develop an upside movement. It is moving decidedly sideways right now, as it tries to attract more buyers into the game. Surprisingly or not, CAD is still bearish in the short term even if the Canadian CPI was reported better than expected. The indicator remained steady at 0.5%, even if the specialists had expected only a 0.4% growth. The Core CPI increased by 0.4% versus 0.5% in the former reporting period, while the Wholesale Sales reading increased by 0.4% beating -1.0% expectations. Canadian inflation is currently at 3.5%, having accelerated for the second month in a row. Housing costs and car prices are driving some of the increase. Shipping expenses and delays are adding to costs, a factor that has come into the picture in the US, where second-hand car prices have risen markedly as new vehicles are in short supply. The Canadian economy is currently in lockdown, so expectations for inflation to continue to accelerate may have to be taken into account when the economy eventually begins to open up. New Zealand releases its GDP data tomorrow – the economic indicator is expected to increase by 0.5%. Also, better-than-expected Australian economic data could help the NZD to resume its growth versus its rivals. Get Forex Signals! NZD/CAD: technical analysis NZD/CAD has found strong support between 0.8634 and 0.8664 levels. Now it is traded higher at 0.8699 and it could resume its rebound if it stays above the descending pitchfork’s upside 50% Fibonacci line. The pair could test and retest this broken dynamic resistance better than expected Canadian CPI. Technically, it could increase after failing to close again under the median line (ML) or to approach the 0.8634 support again. Still, a larger growth could be signalled by a valid breakout above the R1 (0.8722) and through the descending pitchfork’s upper median line (UML). In the short term, we cannot exclude the pivot point 0.8682 retest. Moving sideways and breaking above the upper median line (UML) could signal a potential upside reversal. It could turn to the upside as long as 0.8664 – 0.8634 support zone holds. Get Free Forex Signals – 82% Win Rate! Get Forex Signals! 3 Free Forex Signals Every Week – Full Technical Analysis Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Daily LookMinors share Read Next GBP/JPY Price Analysis: No clear signs, slightly bearish bias while below 155.40 FX Street 6 months NZD/CAD dropped again in the short term but the support holds for now, so it could develop an upside movement. It is moving decidedly sideways right now, as it tries to attract more buyers into the game. Surprisingly or not, CAD is still bearish in the short term even if the Canadian CPI was reported better than expected. The indicator remained steady at 0.5%, even if the specialists had expected only a 0.4% growth. The Core CPI increased by 0.4% versus 0.5% in the former reporting period, while the Wholesale Sales reading increased by 0.4% beating -1.0% expectations. Canadian… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
