As predicted by price action analysis, NZDCAD is on its way lower. Both price action and smart money analysis also predicted a bullish Dollar which is what we are seeing today.
Price action traders are up around +80 pips for NZDCAD since yesterday. Traders can expect further profits from this trade as NZDUSD extends its losses. At the moment, the price is resting at the low made back in November. There could be a possible retracement from this point before the price takes another dive down.
It was crucial for Dollar bulls to close bullish above 92.500 to confirm further upside movement. Yesterday, the price was able to close bullish above this level on the four-hour time frame. Today’s daily closure is struggling to do the same. A failure to close bullish today may mean a deep retrace to the downside.
Earlier today during the London session, both Europe and the U.K released their manufacturing data. Despite all the results being better than the forecast, both pairs find themselves -0.21% and -0.36% respectively.
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- Read yesterday’s breakdown: Dollar to 92.500 + Majors Start to Slip
