The NZD has been bearish this week after the RBNZ in a statement following the cash rate commented on intentions of cutting rates if inflation and related data does not improve. This coming after just a few months ago, it was largely expected by the markets that the RBNZ would continue their rate hike cycle.

The NZDCAD has sold off to the bottom of it's daily channel. Although there should be selling pressure after this recent news event, the pair has been on a monthly uptrend since the start of 2009. Meaning, the long term bullish trend may offer some scalping opportunities to the upside.

Upside resistance comes in around the 9207 area. If the prices breaches, a largely upside retracement may be seen.


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