ANALYSIS
NQ100 Finds Support from PPIApr 14
NZDCAD Fluctuates in Correction Channel
In the general framework, the currency pair, which passes on the downtrend, fluctuates within the correction channel, and it may accelerate its rise again with the end of this activity. While the effects of The Reserve Bank of New Zealand (RBNZ) interest rate hike by 50 basis points, which is above the expectations, will be limited, the persistence above 0.8585 resistance will be critical for the pair in possible rises. While the rise in commodity prices in the short term adds a positive outlook to the Canadian dollar, we will be watching the 0.8360 support, which is indicated by the Fibonacci 38.2% correction level in the downward pressures.
