During yesterday’s trading session NZD/CAD traded within the range of 0.9468-0.9590 and closed at 0.9485.
At 8:55 GMT today NZD/CAD was losing 0.85% for the day to trade at 0.9442. The pair touched a daily low at 0.9438 at 8:51 GMT, breaching the first key support.
Fundamental view
The number of building permits in the country probably rose 4.3% in March compared to a month ago, according to the median estimate by experts. In February permits issued by the government declined 11.6%. Building permits, as an indicator, provide information regarding demand in Canada’s housing market. A higher than anticipated number would be supportive for the Canadian dollar. Statistics Canada is to release its monthly report at 12:30 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case NZD/CAD manages to breach the first resistance level at 0.9561, it will probably continue up to test 0.9636. In case the second key resistance is broken, the pair will probably attempt to advance to 0.9683.
If NZD/CAD manages to breach the first key support at 0.9439, it will probably continue to slide and test 0.9392. With this second key support broken, the movement to the downside will probably continue to 0.9317.
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