FxWirePro: NZD/CAD Faces Strong Resistance Around 0.8905 , Good to Sell on Rallies
- Major support- 0.8750
- The pair has broken minor support 0.8800 and declined till 0.87929. It is currently trading around 0.87929.
- The Bank of Canada (BOC) as expected kept its interest rates unchanged at 0.50% yesterday. The central bank has revised the GDP growth forecast to 1.7% from 1.4% reflected the positive effect of fiscal stimulus.
- Short term trend is slightly weak as long as resistance 0.8905 holds.
- The pair’s minor resistance is around 0.8850 and any break above0.8850 will take the pair to next level 0.8905/0.8925/0.8970
- On the lower side major support is around 0.8750 (Mar 23rd low) and break below targets confirms minor trend reversal a decline till 0.8700/0.8670 is possible.
It is good to sell on rallies around 0.8835-40 with SL around 0.8905 for the TP of 0.8750/0.8670.
The material has been provided by InstaForex Company - www.instaforex.com