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Trade Idea:
NZD/CAD - Sell(Stop) at 0.7364; Target: 0.7214 ;
Stop: 0.7441.
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I turn bearish on NZD/CAD.
I'm afraid of a bull trap...NZDCAD=NZDUSD X USDCAD
The
Canadian economy won't release any economic fundamentals before next
Wednesday, and accordingly, we expect the USD/CAD pair to be affected
by other developments around the world, including economic fundamentals
from the United States, where the income report is due on Monday, and
more importantly, the jobs report is due on Friday, in addition to
other economic fundamentals that will be released throughout the week
from the United States.[ForexMansion.com]
NzdUsd pair was
able to rise during
the last week to cover its previous losses, as the economy expanded in
the fourth quarter more than expected.
The New Zealand dollar could lose upside momentum during the next week
in case we see any new developments in the crisis of Japan, especially
nuclear crisis in Fukushima. The risk appetite will decline which
directly will affect kiwi as a risky high yielder as well will be
pressured by commodities which will decline as well.
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See pictures and you can download the excel charts below.
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