NZDCAD Lower
Trying NZDCAD lower here.
We have a triangle forming on the 4 hour chart and a slight break to the downside.
The narrative has shifted as well. the NZD rate advantage it had has been narrowed slowly and with the BoC pausing rates last week i imagine RBNZ will be next. This was one of the big reasons NZD performed so well. Another reason was that china was reopening, i think with the fall in the Hang Seng index today we could see NZD fall along with it. the canadian economy is also doing better than people expected, jobs numbers are performing well and i think with the economy being resilient and the new zealand economy showing worse economic numbers recently we could see the pair fall. The tightening from central banks this week could also lead to tighter global financial conditions which could mean a fall in stocks and so a fall in NZDCAD.
correlations are suggesting lower, rate differentials are moving lower.
sentiment is moving lower from extremes and suggesting that the uptrend is running out of steam, positioning was fairly large up until recently as well which is normally a decent sign of a overcrowded position.
we do have some bullish stock seasonals this week so might have to watch out for that.
Not trading/investment advise, feedback welcome!
We have a triangle forming on the 4 hour chart and a slight break to the downside.
The narrative has shifted as well. the NZD rate advantage it had has been narrowed slowly and with the BoC pausing rates last week i imagine RBNZ will be next. This was one of the big reasons NZD performed so well. Another reason was that china was reopening, i think with the fall in the Hang Seng index today we could see NZD fall along with it. the canadian economy is also doing better than people expected, jobs numbers are performing well and i think with the economy being resilient and the new zealand economy showing worse economic numbers recently we could see the pair fall. The tightening from central banks this week could also lead to tighter global financial conditions which could mean a fall in stocks and so a fall in NZDCAD.
correlations are suggesting lower, rate differentials are moving lower.
sentiment is moving lower from extremes and suggesting that the uptrend is running out of steam, positioning was fairly large up until recently as well which is normally a decent sign of a overcrowded position.
we do have some bullish stock seasonals this week so might have to watch out for that.
Not trading/investment advise, feedback welcome!
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