Fundamentals:
Rising oil prices will contribute to strengthening the CAD, as it tends to fall in line with oil . What's more, Canada is experiencing economic growth overall.
Technicals:
The "Three Rising Methods" candle pattern on the daily chart comes with lower volume interest with each end of day daily sessions. On top of that, each session had wicks long enough to give extra weight to this selling pressure.
The days before this rising candles the selling pressure was great with a wide spread bar.
Conclusion:
Sell NZDUSD
Rising oil prices will contribute to strengthening the CAD, as it tends to fall in line with oil . What's more, Canada is experiencing economic growth overall.
Technicals:
The "Three Rising Methods" candle pattern on the daily chart comes with lower volume interest with each end of day daily sessions. On top of that, each session had wicks long enough to give extra weight to this selling pressure.
The days before this rising candles the selling pressure was great with a wide spread bar.
Conclusion:
Sell NZDUSD
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Battle Plan for week of March 21, 2022:
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April 20, 2020's CAD CPI data was positive and shocking. It proved to be a large catalyst that drove the price of NZDCAD down. Also, there was a break in the USDCAD price range. I believe that these breakouts are sustainable, given the fundamentals.
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CAD's CPI was forecasted to be 0.9%. The actual result was 1.4%.
Capturing the swings of the stock market & currency market. It's a dirty job and equity/currency traders must do it.
