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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
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…
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…