Trade of the week - NZD/CAD

Bulletproof Traders in-house trading activities presents our short position on the NZD/CAD. Targeting the medium to long-term cycle, we believe the price of the pair is on it’s way towards the major key-level support at 0.8370.

Our interest in this bearish trading opportunity began when price had failed to break the mighty resistance at 0.8930, and instead started to turn around. We had identified this potential tipping point early on and we’ve immediately opened fire.

Since our moment of entry, the pair kept pushing downwards, and now it’s closing in on our first price target at 0.8667. Nevertheless, we believe the downside move is still in it’s early stages as price is expected to accelerate the negative momentum once it penetrates and breakthrough this coming obsticle of 0.8667.