NZDCAD - BUY - 4th March 2022




NZDCAD - BUY - 4th March 2022 (Closed)


Good morning team,

Commodity related currencies have outperformed the market over the past 2 weeks despite their usual inverse correlation to a risk-off market sentiment. The FX market has very much shrugged off the Ukraine and Russia conflict with the JPY moving lower and the NZD, CAD and AUD all running to the upside.

Previously the Trading Floor shorted the NZDCAD at the “B” wave top (corrective decline) and we are now preparing for a move to the upside as a change in trend appears to be taking place. A new bullish cycle is possibly underway.

NZDCAD – Daily Chart

NZDCAD – Daily Chart

The long term chart is setting up a possible inverted head and shoulders formation. We will be looking to buy this up in stages if it travels correctly.

NZDCAD 1 Hour Chart

Trade Setup: BUY NZDCAD market execution, current price 0.8625, stop loss 0.8535 and take profit 0.8766.

Stop loss: 90 pips

Take profit: 141 pips

Trade Setup
BUY - Market Execution

Entry
0.8625

Take Profit
0.8766

Stop Loss
0.8535