Tuesday, April 25, 2017 02:39 PM / Meristem
NZD: The New Zealand Dollar rose against some of its counterparts as the Consumer Price Index (YoY) (1Q) released Friday, April 19, 2017 pegged at 2.2% against a forecasted 2.0%.
CAD: The Canadian Dollar fell against some of its counterparts as the Consumer Price Index (YoY) (MAR) released Friday, April 21, 2017 pegged at 1.6% against a forecasted 1.8%. It also fell further reacting to news that the US would slap tariffs on softwood lumber imports from Canada. The Commerce Department later said it would impose a “countervailing duty” of between 3% and 24% on Canadian lumber exporters. Commerce Secretary Wilbur Ross said total duties would amount to about a billion US Dollars annually (source: dailyfx research).
The pair is approaching the 0.9630-0.9560 resistance area. The pair has been trading within a range which offers opportunities for swing traders.
· If the pair reaches 0.9630-0.9560 resistance area with a bearish candlestick confirmation, we advise a “SELL”.
· Stop loss at the high of the bearish candlestick
· Profit target at 0.9426 resistance level
· Second profit target at 0.9299
· If the price breaks above the resistance area with a pull back and a bullish candlestick confirmation, we advise a “BUY”.
· Stop loss at the low of the bullish candlestick.
· First profit target: 0.9830.
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MERI FX Team