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USD/CAD sells off on neutral BOC

al_dcdemo Updated 4 Mar.  in #Trader's blog #USD/CAD #Pmi #Loonie #Dovish #Neutral #Rate Statement
USD/CAD sold off after BOC didn't cut rates and published neutral rate statement. Even though market wasn't expecting any cuts, apparently it was hoping for a bit more dovishness from them. EUR/CAD fell more than 150 and GBP/CAD 200 pips, with negative PMI data released in the morning weighing on both.
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NZD/USD technicals deteriorated

al_dcdemo Posted 30 Jan. as Analysis on NZD/USD, Target: 0.7009, Date: 2nd of March, 12:00 GMT  in #Technical analysis #Monetary Policy #NZD/USD #Kiwi #Easing #Fake Breakout #Rbnz #Neutral #Technical Weakness
Monthly chart:
The pair has busted 100 month SMA, 38.2% retracement of 2009 to 2011 rally and the low of the 2011 - 2014 trading range around 0.7350. Besides strong technical breakout, RBNZ has just changed its stance from hawkish to neutral. Further losses are expected and 50.0% retracement (of 2009 to 2011 rally) at 0.6868 is the first strong support level ahead of 200 month SMA.
Weekly chart:
Having broken from 0.7600 - 0.8050 range, there is potential to at least 0.72 initially, then 0.70. O…
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3 Comments
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al_dcdemo 8 Feb.

The pair closely followed Aussie on Tuesday in both directions and performed the reversal part in even stronger fashion. Although RBNZ dropped its hawkish bias and reaffirmed their view of overvalued currency, yields are still very attractive compared to other major currencies. There is shorter-term scope to retest the bottom of the Q4 2014 consolidation, which coincides with 61.8% retracement of the January 15 2015 to February 3 2015 decline.

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al_dcdemo 15 Feb.

In a bout of weaker Dollar, Kiwi benefited the most. The pattern was similar to that in other major pairs, sideways action in the first part of the week and then reversing sharply higher on Thursday. It closed the week just below prior week's high around 0.7450. This 0.7450 - 0.7500 resistance zone will need to be broken on a holding basis to signal that this is something more than just a normal pullback.

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al_dcdemo 22 Feb.

After it broke above 0.7450 - 0.7500 resistance zone early in the week, the pair has been confined to a less than 100 pip range for the rest of the week. It topped around 0.7570 on Wednesday after dovish FOMC Minutes. 50 DMA, 0.75 level and the bottom of the previous range at 0.7615 may provide enough supply for the pair if it wants to continue lower.

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