Forex Market: NZD/CAD daily forecast

During yesterday’s trading session NZD/CAD traded within the range of 0.9232-0.9278 and closed at 0.9242, losing 0.09% for the day.

At 8:50 GMT today NZD/CAD was losing 0.19% for the day to trade at 0.9243. The pair touched a daily low at 0.9228 at 2:00 GMT, breaching the first key weekly support level.

Fundamental view

The number of employed people in Canada probably increased by 24 000 last month compared to June, according to the median forecast by experts. In June, the number of employed Canadians unexpectedly declined by 9 400. Creation of new job positions is considered of utmost importance for consumer spending. In case employment in the country increases more than expected, the loonie would be supported.

In addition, the rate of unemployment in Canada probably remained unchanged at 7.1% in July. Lower than expected unemployment would have a bullish effect on the Canadian dollar. Statistics Canada is expected to release its official report at 12:30 GMT.

Technical view

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 0.9251. In case NZD/CAD manages to breach the first resistance level at 0.9269, it will probably continue up to test 0.9297. In case the second key resistance is broken, the pair will probably attempt to advance to 0.9315.

If NZD/CAD manages to breach the first key support at 0.9220, it will probably continue to slide and test 0.9205. With this second key support broken, the movement to the downside will probably continue to 0.9177.

In weekly terms, the central pivot point is at 0.9263. The three key resistance levels are as follows: R1 – 0.9331, R2 – 0.9366, R3 – 0.9434. The three key support levels are: S1 – 0.9229, S2 – 0.9160, S3 – 0.9125.