A significant majority in the market believes the Bank of Canada (BoC) will raise rates this month. The talk of July rate hike may be overdone, nevertheless, the bearish breakdown on the NZD/CAD presents an attractive to initiate shorts…
The RSI is bearish and pointing lower as well.
We need to be quick in taking profits/moving out of the short trade as the weekly chart below shows a possibility the 50-MA at 0.8450 offering support to the pair.
In the short-run, the cross could dip to 0.94, but further losses are ruled out.