New Zealand Dollar/Canadian Dollar pair and predictions for upcoming movement

NZD CAD on the fundamental side

A mixed jobs report released last week from New Zealand, which showed an unexpected rise in unemployment to its highest level in a decade, while employment increased more than expected, prompted markets to postpone expectations of an interest rate hike in the near term.

The Reserve Bank of New Zealand is scheduled to meet later this month, specifically on February 18, in its first meeting under its new governor, Anna Bremann, and it is widely expected that monetary policymakers will keep interest rates unchanged.

On the other side of the Canadian economy, there is no important data this week, and we are waiting for Canadian inflation data next week, while interest rates were kept at 2.25% at the Bank of Canada's last meeting about two weeks ago.

NZD CAD On a technical level

The pair managed to rebound from resistance levels of approximately 0.8270, and we expect the pair to be on its way to some corrective declines now to target the next support levels of 0.8100, then 0.8030, and finally demand levels around 0.7900.

This scenario will fail if the 0.8275 levels are broken to the upside.