NZD/CAD Buyers Set New Targets After Breaking Key Resistance

Market Overview

The Canadian Dollar remains under pressure due to U.S. trade tariffs and oil price fluctuations, allowing the New Zealand Dollar to gain ground. Additionally, China’s economic stimulus measures have provided further support for NZD, strengthening bullish sentiment in the NZD/CAD pair. As a result, buyers have taken advantage of CAD weakness to push the pair higher, targeting key resistance levels.

Technical Analysis

NZD/CAD is trending upward, with buyers successfully breaking through the daily high at 0.82758, pushing the price toward its first bullish target at 0.82843. If momentum persists, further upside targets emerge at 0.82952 and 0.83072.

Momentum indicators confirm the bullish outlook. The RSI remains in positive territory, signaling strong buying interest, while the MACD histogram continues to expand above the zero line, suggesting sustained upward pressure. However, failure to maintain momentum could invite selling pressure.

A move below 0.82444 would invalidate the current bullish scenario and shift control to sellers.

Key Technical Levels

• Resistance 1: 0.82952
• Resistance 2: 0.83072
• Support 1: 0.82758
• Support 2: 0.82638
• Support 3: 0.82444

Fundamental Drivers

Market participants will focus on Canada’s Foreign Securities Purchases data, expected at 17.44 billion CAD. A stronger-than-expected reading could provide some relief for the Canadian Dollar. Meanwhile, Tuesday’s New Zealand Consumer Sentiment and Trade Balance data will influence the NZD’s trajectory. Any divergence from expectations could create volatility in the pair.

Conclusion

NZD/CAD maintains bullish momentum, with buyers eyeing 0.82952 and 0.83072 as key targets. A drop below 0.82444 would challenge the current trend, shifting focus back to sellers. Upcoming economic releases from Canada and New Zealand will be critical in shaping the pair’s next move.

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