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NZD to CAD Exchange Rate

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When converting New Zealand dollars (NZD) to Canadian dollars (CAD) or CAD to NZD, by exchanging via Direct FX, you will save a significant amount of money. Our wholesale currency exchange rates for money transfers are significantly more competitive than bank foreign exchange rates. Being Australasian based, we specialise in knowing what drives NZD and CAD currency conversion rates.

NZD to CAD Overview:Both the New Zealand and Canadian dollars are regarded are commodity currencies. NZD CAD is a relatively stable currency pair. The CAD fortunes are more closely aligned with those of the US and the NZD fortunes more aligned with those of Australia and Asian emerging markets. A break down in correlation can happen in periods of dislocated global growth.
 
Historical Ranges: 1 year  5 years 10 years 
NZD/CAD .8311 - .9656 .6946 - .9656 .6154 - .9656

Current Official Cash Rates:
Reserve Bank of New Zealand (RBNZ): 1.75%         Bank of Canada (BoC): 0.50%

NZD CAD Weekly Updates:                                                                                Back to FX Updates
Friday 21st April 11:40am(NZT)
The New Zealand dollar has made solid ground against the Canadian dollar this week, continuing the strong recovery from last week's low around 0.9170. Declining oil prices have pressured the CAD while the NZD gained on the back of strong inflation data. For the time being it looks like levels over 0.9500 may be a step too far for the pair, and some consolidation below 0.9500 looks likely in the near term.
The current interbank midrate is:    NZDCAD 0.9409

The interbank range this week has been:    NZDCAD 0.9307 - 0.9499
Tuesday 18th April 7:15pm(NZT)
The Canadian dollar was making good gains against the NZD in the first half of last week, trading to a low of 0.9164, but it all turned around mid-week and we saw the New Zealand dollar recover back above 0.9300. A number of drivers caused the turnaround including the Bank of Canada rate decision, declining oil prices, and Trumps talk of the USD being too strong. The outlook over the coming week is for range trading between the broad parameters of 0.9200 and 0.9400. Key to direction will also be the dairy action tonight and tomorrow NZ inflation data.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9343 0.9160 0.9400 0.9175 - 0.9354
 
Tuesday 11th April 4:15pm(NZT)
The New Zealand dollar is lower against the Canadian dollar at 0.9260 as stronger oil prices boost demand the CAD. Fundamentals remain NZD supportive but support at 0.9230 looks to be under threat especially if oil prices hold firm.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9261 0.9320 0.9400 0.9254 - 0.9388

Friday 7th April 4:50pm(NZT)
The New Zealand dollar is marginally lower against the Canadian dollar as better oil prices boosted the CAD. Now at 0.9336 and a test of 0.9290 looks likely early next week.
The current interbank midrate is:    NZDCAD 0.9344

The interbank range this week has been:    NZDCAD 0.9281 - 0.9396
Tuesday 4th April 7:15pm(NZT)
The New Zealand dollar is higher at 0.9380, coming from a low of 0.9298 on Friday. Resistance at 0.9430 looks fragile given the weaker CAD overnight, a break of this level would target 0.9460.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9358 0.9290 0.9460 0.9279 - 0.9426

Friday 31st March 1:00pm(NZT)
It’s largely been one way traffic for the New Zealand dollar vs the Canadian dollar this week, after peaking at 0.9446 on Monday. Some recent strength in oil prices has helped the CAD and this has combined with a NZD that is finishing the week on a soft note. As such the pair is now trading just off its lows around 0.9325. The next support level comes in around 0.9280 and this may be tested early next week.
The current interbank midrate is:    NZDCAD 0.9335

The interbank range this week has been:    NZDCAD 0.9315 - 0.9444
Tuesday 28th March 4:15pm(NZT)
The New Zealand Dollar continued its last week push higher opening at 0.9400 levels and traded higher to 0.9450 early morning Tuesday before weakening off. This 0.9450 area is the 50% retracement of the 28th February high of 0.9600 and low of 0.9270 earlier this month and show strong resistance to the upside. Expect 0.9360 support possibly to be tested.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9420 0.9290 0.9460 0.9353 - 0.9446

Friday 24th March 3:00pm(NZT)
The NZD has drifted lower on the stronger Canadian dollar buoyed by some better data releases. It is now at 0.9380 after a high of 0.9440 earlier in the week. There is no clear trend yet and we expect current levels to be maintained into next week.
The current interbank midrate is:    NZDCAD 0.9384

The interbank range this week has been:    NZDCAD 0.9300 - 0.9441
Tuesday 21st March 4:15pm(NZT)
The New Zealand dollar has spiked higher against the CAD hitting a two week high last night at 0.9419. It is now at 0.9400 and we expect current levels to prevail ahead of the Canadian budget tomorrow. Another push into the 0.9420+ region looks possible given current NZD strength.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9405 0.9290 0.9460 0.9274 - 0.9422

Friday 17th March 4:00pm(NZT)
The New Zealand dollar has remained fairly flat against the Canadian dollar this week but softened yesterday from a high of 0.9378 to 0.9270. It is now back around 0.9295. The weaker oil price has not helped the CAD,  but we look for another test of the 0.9270 early next week.
The current interbank midrate is:    NZDCAD 0.9299

The interbank range this week has been:    NZDCAD 0.9274 - 0.9380
Tuesday 14th March 3:45pm(NZT)
The New Zealand dollar’s slide against the CAD continues, especially after the better Canadian data.  The NZD is now at 0.9295, last week's low, we look for a test of 0.9270 over the next few days.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9304 0.9270 0.9320 0.9295 - 0.9392

Friday 10th March 4:00pm(NZT)
The New Zealand dollar slide against the CAD remains, with the NZD coming from 0.9390 to a low of 0.9295 over the week. It is now at 0.9325 and looks to be heading to test 0.9270 next week. That level, or potentially support around 0.9200, may well contain this period of relative NZD weakens however.
The current interbank midrate is:    NZDCAD 0.9324

The interbank range this week has been:    NZDCAD 0.9300 - 0.9437
Tuesday 7th March 3:45pm(NZT)
The New Zealand dollar has continued to soften against the Canadian dollar, now at 0.9375 with support at 0.9345. Canadian data continues to be supportive and the steep fall of the NZD/USD has put the NZD on the back foot on this cross.
 
  Current Level Support Resistance Last week's range
NZD/CAD 0.9378 0.9345 0.9425 0.9363 - 0.9608

Friday 3rd March 4:15pm(NZT)
The New Zealand dollar has dropped against the CAD from 0.9605 at the beginning of this week to its current level at 0.9438. Better Canadian data has been supportive but again a lessor fall in the CAD vis-a vi the USD has elevated the CAD on this cross. Immediate support is at 0.9410.
The current interbank midrate is:    NZDCAD 0.9427

The interbank range this week has been:    NZDCAD 0.9418 - 0.9608
Tuesday 28th February 7:45pm(NZT)
The New Zealand dollar continues to hold firm against the CAD currently sitting around 0.9470 up from 0.9409 seen earlier last week. Data out from Canada later this week will be watched but if there is no change in policy from the Bank of Canada (BoC) on Wednesday look for a test of 0.9550 next week. USD movements will contain to dominate.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9473 0.9450 0.9550 0.9397 - 0.9492

Friday 24th February 2:45pm(NZT)
The New Zealand dollar is finishing the week on a strong footing against the Canadian dollar after recovering nicely from the mid-week lows of 0.9372. The NZD wasn’t overly bothered by the fall in dairy prices this week, while the CAD has suffered on the back of very disappointing retails sales numbers. Currently trading around 0.9475, the key level to watch comes in at 0.9450. As long as the pair remains above that level the risks are skewed toward further gains.
The current interbank midrate is:    NZDCAD 0.9469

The interbank range this week has been:    NZDCAD 0.9391 - 0.9492
Tuesday 21st February 6:45pm(NZT)
The New Zealand dollar is trading sideways against the Canadian Dollar with a slight downside bias. Now around 0.9400 and it now looks that support at 0.9350 will be tested later this week.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9402 0.9350 0.9450 0.9349 - 0.9460

Friday 17th February 4:30pm(NZT)
The New Zealand dollar continues to fall over this cross and although it dropped below the support level of 0.9350 earlier this week, it is now back around 0.9430. We favour a push back to the 0.9460 level which will have to be convincingly broken if 0.9550 is to be threatened.
The current interbank midrate is:    NZDCAD 0.9420

The interbank range this week has been:    NZDCAD 0.9349 - 0.9465
Tuesday 14th February 4:45pm(NZT)
The New Zealand dollar continues to fall over this cross and is currently at 0.9381 (1.066) after the Canadian dollar has firmed on the back of the better than expected outcome of the Trudeau/Trump meeting. The 0.9550 1.0471) level looks far away for the NZD now after the RBNZ announcement last week and immediate support is now around the 0.9350 (1.0695) level. 0.9460 (1.0570) should check any NZD advances over the next few days.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9636 0.9500 0.9660 0.9451 - 0.9646

Friday 10th February 6:30pm(NZT)
The New Zealand dollar is lower on this cross over the last two days, currently around 0.9450 (1.0582) after a low yesterday of 0.9416 (1.0620)..we are more positive for the New Zealand dollar on this cross next week and look for a return to the 0.9550 (1.0471) area.
The current interbank midrate is:    NZDCAD 0.9420

The interbank range this week has been:    NZDCAD 0.9388 - 0.9653
Tuesday 7th February 4:45pm(NZT)
The New Zealand dollar has climbed against this cross over the last two days and is currently sitting around 0.9630 (1.0384).  The NZD has found further support from this afternoon’s release of inflation expectations data. Previous lows are no longer under threat and next target for this cross is the 0.9660 (1.0352).
  Current Level Support Resistance Last week's range
NZD/CAD 0.9636 0.9500 0.9660 0.9451 - 0.9646

Friday 3rd February 4:30pm(NZT)
The New Zealand dollar has slipped further over the week on this cross and is currently trading around 0.9487, has made earlier lows at 0.9446 and this looks likely to face a retest as the CAD shrugs off attempts by the Bank of Canada to talk the currency lower. Look for a move to 0.9430(1.0604) next week.
The current interbank midrate is:    NZDCAD 0.9479

The interbank range this week has been:    NZDCAD 0.9451 - 0.9570
Tuesday 31st January 4:45pm(NZT)
The New Zealand dollar  has lost some of last week’s gains against the CAD dollar with this cross currently around 0.9545 (1.0477) trading has been in a sideways pattern over the last 4 days ranging between 0.9554-0.9468 (1.0466-1.0562) if this range breaks to the downside immediate support would be around 0.9430 (1.0604).
  Current Level Support Resistance Last week's range
NZD/CAD 0.9551 0.9468 0.9560 0.9463 - 0.9627

Friday 27th January 3:30pm(NZT)
The Canadian dollar has enjoyed a good week and the New Zealand dollar looks to finish the week at the lower end of the range around 0.9480 (1.0548). The news that the US would now forge ahead with the Keystone XL and Dakota Access pipelines saw the CAD strengthen against most of its trading partners. The next support for the New Zealand on this cross is around 0.9430.(1.0604)
The current interbank midrate is:    NZDCAD 0.9495

The interbank range this week has been:    NZDCAD 0.9465 - 0.9627
Tuesday 24th January 6:15pm(NZT)
Opened around 0.9577 and is currently trading at 0.9570 after a 0.9613-0.9535
range last night, the trend is higher and we look for a break of 0.9635 over the next few days.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9570 0.9440 0.9635 0.9355 - 0.9612

Tuesday 17th January 2:15pm(NZT)
The New Zealand dollar opens towards the top half of the overnight 0.9301-0.9377 range against the Canadian dollar at 0.9350, but no clear direction is evident. The Canadian dollar is expected to appreciate against the USD over the next week so this may push the NZD/CAD into the 0.9200 region but support at 0.9295 will have to break first.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9352 0.9290 0.980 0.9220 - 0.9387

Tuesday 10th January 4:00pm(NZT)
The NZD has bounced from recent lows against the CAD over the past week driven by a somewhat resurgent NZD. The Canadian dollar has also seen pressure on the back of declining oil prices and the combination of these factors should keep the pair supported in the coming days.  Initial resistance comes in around 0.9320 and this may well be tested soon. Look for dips toward 0.9200 to continue to find good support.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9289 0.9200 0.9320 0.9207 - 0.9350

Friday 23rd December 3:45am(NZT)
The New Zealand dollar has drifted marginally higher against the Canadian dollar since our report on Tuesday. Data out of both countries this week has been mixed and has conformed near enough to expectations to mean movement in the cross have been muted. Looking ahead to the holiday period we have largely minimal impact low tier releases in the first week of 2017 which would typically create little stir. Canadian GDP data is due later today. Look to liquidity moves and oil price moves for likely direction. First support is at the recent lows (.9220). Resistance beyond .9340 is eyed around .9510. Big picture momentum is mildly negative.
The current interbank midrate is:    NZDCAD 0.9314

The interbank range this week has been:    NZDCAD 0.9229 - 0.9394
Tuesday 20th December 1:30pm(NZT)
The New Zealand dollar has fallen against the Canadian dollar since our report on Friday. The move comes as investors take a more cautious stance towards the risk currencies given the rise in geopolitical tension this week. Strong falls in key $AUD sensitive commodities have also weighed on the AUD (and by association the NZD). Scheduled focus for this week is on GDP reports out of both countries. Canadian inflation and retail data will be released on Thursday, although sentiment looks likely to be the strongest driver. We favour the CAD over the NZD presently given the current prevailing sentiment.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9285 0.9070 0.9340 0.9273 - 0.9503

Friday 16th December 11:45am(NZT)
The New Zealand dollar sits moderately lower in trade against the Canadian dollar since our report on Tuesday. Highs around the .9500 level have capped trade this week. These came prior to the large falls which were seen by both the CAD and NZD (against the USD) after yesterday’s US FOMC meeting. Subsequent trade has seen the NZD marginally underperform the CAD. Focus for next week is on the various scheduled data due on Thursday and the energy markets. Canadian GDP data features on Friday and dairy price data is due overnight Tuesday. We favour selling rallies in the .9500/50 area.
The current interbank midrate is:    NZDCAD 0.9382

The interbank range this week has been:    NZDCAD 0.9338 - 0.9506
Tuesday 13th December 2:30pm(NZT)
The New Zealand dollar sits only marginally lower in present trade against the Canadian dollar from those levels reported on Friday. Lows around .9340 were seen in the opening hours of trade yesterday as the market reacted to the positive announcements out over the weekend of further agreements to cut oil production (CAD+). However, the strong initial rally in oil has moderated in recent trade. Oil will continue to be a key focus for this week, although the Q3 GDP numbers in NZ on Thursday will also interest.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9446 0.9340 0.9500 0.9339 - 0.9545

Friday 9th December 11:15am(NZT)
The New Zealand dollar is drifting in trade against the Canadian dollar. Current levels are little changed from those reported on Tuesday which reflects the similar gains that both the CAD and NZD have had against the US dollar this week. Initial support is seen at .9400. Resistance is eyed at .9550 initially (weak) and then around .9630. We marginally favour the CAD especially while the price of oil remains supportive. NZ GDP on Thursday next week could provide further influence.
The current interbank midrate is:    NZDCAD 0.9458

The interbank range this week has been:    NZDCAD 0.9403 - 0.9545
Tuesday 6th December 2:30pm(NZT)
The New Zealand dollar has eased in trade against the Canadian dollar since our report on Thursday. The move comes on the back of solid Canadian employment data on Friday and continued support for the CAD via the price of oil, although the bounce in the cross from lows near .9400 has been helped by a retracement in oil overnight. Look for oil and the BoC commentary to dictate this week. We lack a strong conviction given the uncertainty on these key risks this week.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9488 0.9400 0.9520 0.9398 - 0.9633

Thursday 1st December 2:00pm(NZT)
The New Zealand dollar has surprisingly marginally outperformed in trade against the Canadian dollar since our commentary on Tuesday. The move comes despite last night’s decision by OPEC to cut production, although that decision provided support for the CAD during a night of weak performances by the other key commodity currencies (AUD and the NZD). Highs around .9630 were observed prior to the OPEC decision yesterday. Canadian employment data and the NZD moves associated with the AUD look to be the key influences heading into the week’s end, although oil pricing as always will be eyed.
The current interbank midrate is:    NZDCAD 0.9516

The interbank range this week has been:    NZDCAD 0.9425 - 0.9633
Tuesday 29th November 3:30pm(NZT)
The New Zealand dollar has lifted in trade against the Canadian dollar since our report on Friday, although gains have reduced notably in trade overnight. Last night’s move reflects the lift in the CAD on gains in the price of oil. Moves in this cross are expected to be sudden and will be closely tied to the response of the price of oil (and CAD) to the outcome of the OPEC oil producer meeting which begins tomorrow. We lack any view given the considerable uncertainty around the outcome of this meeting. More notable support/resistance is eyed at .9300 and .9670.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9488 0.9425 0.9570 0.9425 - 0.9569

Friday 25th November 2:30pm(NZT)
The New Zealand dollar has eased marginally in trade against the Canadian dollar since our commentary on Tuesday. The move reflects the continued outperformance of the CAD in recent trade as expectations remain high that a deal will be reached at the OPEC oil meeting in Vienna next week. The outcome of this meeting will be pivotal for the next shift this cross. First support is seen at .9420/25 and then the .9275/.9290 zone. Expect high volatility over the OPEC announcement.
The current interbank midrate is:    NZDCAD 0.9450

The interbank range this week has been:    NZDCAD 0.9425 - 0.9534
Tuesday 22nd November 2:30pm(NZT)
The New Zealand dollar has edged slightly lower in trade against the Canadian dollar since our commentary on Friday. There has been little in the way of fresh leads for either pair, although the CAD continues to find support in the form of gains in the price of oil. Energy markets should again hold the key for the next swing in the cross this week. We have little view on the next move and see the Vienna OPEC meeting next week as likely being the key determinant of the next major shift.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9488 0.9425 0.9590 0.9426 - 0.9665

Friday 18th November 2:30pm(NZT)
The New Zealand dollar has fallen further in trade against the Canadian dollar since our report on Tuesday. The move reflects the relative underperformance of the NZD which has fallen in line with a weaker AUD (commodity falls/job data slide) over the week. First support is seen around this week lows at .9465, whilst .9590 and .9665 (weekly highs) are levels to watch on the topside. We lack a view heading into next week. Look to oil and the performance of the AUD for direction as retail sales from both countries are unlikely to have a more than transitory impact.
The current interbank midrate is:    NZDCAD 0.9508

The interbank range this week has been:    NZDCAD 0.9468 - 0.9737
Tuesday 15th November 2:00pm(NZT)
The New Zealand dollar has continued to ease in trade against the Canadian dollar since our commentary on Thursday. The move reflects the relative underperformance of the NZ Dollar in recent trade which has seen sentiment weakened from continued fallout from last week’s RBNZ rate cut/commentary and declines in the AUD. Look to dairy price data for some influence overnight although expect offshore sentiment towards the risk currencies and USD to dominate. We have little bias although would not be surprised to see this bounce extend to around .9720/30.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9649 0.9590 0.9735 0.9585 - 0.9922

Friday 11th November 2:30pm(NZT)
The New Zealand dollar has had a messy week of trade against the Canadian dollar this week. Highs around .9925 were seen on Wednesday during the US presidential election results which saw the CAD initially fare worse than the NZD on the prospect of a Trump victory. Subsequent trade has seen a notable retracement after yesterday’s RBNZ rate cut and RBNZ official comments. First support is seen on the weekly lows (.9685) whilst on the topside we would expect selling interest to emerge above .9850. Look for external drivers rather than data to motivate trade next week.
The current interbank midrate is:    NZDCAD 0.9709

The interbank range this week has been:    NZDCAD 0.9688 - 0.9922
Tuesday 8th November 2:30pm(NZT)
The New Zealand dollar has continued to rally against the Canadian dollar in trade since our report on Thursday. The latest move comes on the back of the favourable flow into the risk currencies (like the NZD) ahead of an anticipated Clinton victory in the US election tomorrow. This theme looks likely to play a major role this week for the cross, although Thursday’s RBNZ interest rate decision will also be critical. Resistance levels are hard to peg at present and current momentum favours further gains.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9812 0.9750 0.9835 0.9577 - 0.9835

Thursday 3rd November 3:00pm(NZT)
The New Zealand dollar has rallied strongly again in trade against the Canadian dollar this week. The cross eclipsed highs last seen in 1997 in recent hours on the back of strong data based (employment and dairy prices) gains in the NZD, although a weaker CAD (on weak oil) has played a minor role also. Event focus for the remainder of the week is tomorrow’s Canadian data (employment/trade and the Ivey PMI), whilst next week’s focus will be on Thursday’s RBNZ interest rate decision.
The current interbank midrate is:    NZDCAD 0.9751

The interbank range this week has been:    NZDCAD 0.9515 - 0.9791
Tuesday 1st November 1:30pm(NZT)
The New Zealand dollar has continued to move higher against its Canadian counterpart since our commentary on Friday. The move reflects the mounting pressure on oil and the CAD in recent trade as doubts increase over the ability of key oil producers to cement an agreement to curb production later this month. Data of interest starts with Canadian GDP later today (further CAD data on Friday) and NZ employment tomorrow (dairy prices overnight). Look to energy markets again also where current uncertainty looks likely to usher in further NZD/CAD gains.
  Current Level Support Resistance Last week's range
NZD/CAD .9604 .9510 .9685 .9512 - .9608

Friday 28th October 3:00pm(NZT)
The New Zealand dollar has edged higher in trade against the Canadian dollar since Tuesday. Economic data influences have been absent from the cross this week although softer oil prices have likely contributed to the weaker CAD (as talk of Iraq not joining the OPEC deal weighed). Resistance for the cross lies around the weekly highs at the .9590/00 area whilst on the downside the Poloz inspired lows around .9465 is seen as first support. Data to watch next week includes Canadian GDP on Tuesday, NZ employment on Wednesday which will be followed by Canadian employment on Friday (amongst other data).
The current interbank midrate is:    NZDCAD 0.9537

The interbank range this week has been:    NZDCAD 0.9470 - 0.9589
Tuesday 25th October 3:00pm(NZT)
The New Zealand dollar is unchanged against the Canadian dollar since Friday’s report. Both currencies have been underperformers in recent trade as the commodity currencies have performed poorly in the stronger USD environment. With little in the way of data this week look for energy pricing, the Australian inflation data tomorrow (for influence on the NZD) and the outcome of the EU-Canada free trade deal for direction (which is currently being blocked by Belgium). We lack a strong bias, although marginally favour lower levels overall.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9517 0.9300 0.9575 0.9390 - 0.9571

Friday 23rd October 2:30pm(NZT)
The New Zealand dollar has continued to move higher against the Canadian dollar since our commentary on Tuesday. Much of the additional strength came after the BoC’s more dovish than expected monetary policy statement on Wednesday. Demand for the NZD has remained relatively robust after Tuesday’s better than expected inflation numbers however. Canadian data will be in focus today, although direction for next week looks most likely to come from the energy markets. Initial resistance is seen around the weekly highs (~.9540) and then .9595/00.
The current interbank midrate is:    NZDCAD 0.9501

The interbank range this week has been:    NZDCAD 0.9296 - 0.9542

Tuesday 18th October 3:00pm(NZT)
The New Zealand dollar has rallied against the Canadian dollar in trade since Friday. Most of the move on the cross was seen this morning after the better than expected NZ inflation data, which bolstered the NZD to highs around .7180 against the greenback. In focus for the remainder of the week will be tonight’s GDT dairy auction and tomorrow’s BoC interest rate decision. Canadian inflation and retail data come on Friday and as usual the price of oil will be of interest.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9409 0.9300 0.9435 0.9296 - 0.9432
 

Friday 14th October 2:00pm(NZT)
The New Zealand dollar sits only marginally below those levels reported on Tuesday against the Canadian dollar. The lack of volatility reflects what has been a very quiet week for incoming data from both countries, although lows around .9310 did trade as expectations were affirmed on Tuesday for a November RBNZ rate cut. In focus next week will be Tuesday’s NZ inflation report and Wednesday’s BoC monetary policy report (further Canadian data is scheduled for Friday). We favour the CAD over the NZD although levels around .9410 are more appealing buying.
The current interbank midrate is:    NZDCAD .9354

The interbank range this week has been:    NZDCAD .9314 - .9531
Tuesday 11th October 2:00pm(NZT)
Strong Canadian data on Friday and further positive news from the energy markets has driven the Canadian dollar higher in trade against the New Zealand dollar since Friday. The strength in the oil price and down-swing in the appetite for NZD gives us a continued buy CAD on rallies in this cross at present. Look for news from the energy markets and oil pricing (CAD) for direction this week. Minor support is seen around .9365/70, although this will prove temporary should the price of oil continue to move higher.
  Current Level Support Resistance Last week's range
NZD/CAD .9393 .9270 .9525 .9372 - .9593
 
Friday 7th October 2:30pm(NZT)
The New Zealand dollar has continued to correct lower against the Canadian dollar in trade this week. The move comes on the back of a solid week for US data (so far) which has seen the CAD outperform in the stronger oil price environment, although deteriorating support for ‘risk’ currencies and a weaker GDT dairy auction weighed on the NZD. We favour selling NZ dollar rallies in this cross. First resistance lies at the .9500/10 area and then just ahead of .9600. First support for this down-leg looks to be in the .9365/85 zone. Look to Canadian/US employment data and oil pricing for direction to close the week.
The current interbank midrate is:    NZDCAD .9465

The interbank range this week has been:    NZDCAD .9420 - .9593
Tuesday 4th October 3:00pm(NZT)
The New Zealand dollar has moved marginally higher in trade against the Canadian dollar since Friday. There has been little to go on for this cross in recent hours and the small rally appears to represent a stabilization after last week’s strong oil inspired CAD gains. Events to watch this week start in NZ with a speech from RBNZ Governor Wheeler this afternoon and GDT dairy auction tonight. Other focus will be on any further oil headlines and Canadian employment numbers on Friday.
  Current Level Support Resistance Last week's range
NZD/CAD .9563 .9450 .9690 .9492 - .9684

Friday 30th September 2:30pm(NZT)
The New Zealand dollar has fallen against the Canadian dollar in trade this week. The move reflects the outperformance of the CAD on the back of the sharp rally which has been seen in the price of oil after the surprise OPEC agreement to curb production which was announced yesterday. Look for further headlines from the energy sector for direction, although tonight’s Canadian GDP data will also interest. We favour buying the CAD on rallies after this week’s oil agreement and based on waning upside momentum in the cross, especially given the 11c rally from late April to the recent highs.
The current interbank midrate is:    NZDCAD 0.9527

The interbank range this week has been:    NZDCAD 0.9463 - 0.9684
Tuesday 27th September 3:00pm(NZT)
The New Zealand dollar has rallied against the Canadian dollar on the back of Friday’s weaker than expected Canadian inflation and retail sales releases, which saw the CAD marked materially lower after their release. This week could see volatility remain high given the uncertainty over the outcome of the key oil nation producer talks presently being conducted in Algeria (set to conclude on the 28th). Canadian GDP data will be in focus on Friday. We have no bias this week given the highly unpredictable nature of the outcome of the key oil producer talks.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9623 0.9450 0.9735 0.9463 - 0.9734

Friday 23rd September 2:00pm(NZT)
The New Zealand dollar has fallen against the Canadian dollar since our report on Tuesday. The move comes on the back of the stronger oil-based CAD and as the NZD has fallen on the dual effect of a weaker than expected GDT dairy auction and mildly more dovish than expected RBNZ OCR statement. First support remains at .9510, whilst this week highs (~.9735) through to .9760 represent the first key resistance zone. Look for today’s Canadian data for next influence, although the outcome of next week’s oil producer talks in Algeria look set to take centre stage.
The current interbank midrate is:    NZDCAD 0.9518

The interbank range this week has been:    NZDCAD 0.9514 - 0.9734
Tuesday 20th September 2:00pm(NZT)
The New Zealand dollar has lifted moderately against the Euro since our report on Friday. The move reflects the slight outperformance of the NZD in recent trade, in part thanks to a firmer AUD yesterday and also EUR sentiment which may have felt the effects of fresh Brexit headlines over the weekend. In focus this week are the overnight NZ GDT dairy price auction and RBNZ OCR review on Thursday. Also look to the FOMC just prior to the RBNZ decision for any surprise financial market fall-out (risk-off NZD selling) should the Fed surprise and hike.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9637 0.9510 0.9760 0.9531 - 0.9659

Friday 16th September 2:30pm(NZT)
The New Zealand dollar has lifted moderately against the Canadian dollar since our report on Tuesday. The move reflects both the recovery seen in the ‘risk’ currencies as world equity markets regained a sounder footing later in the week and the heavy price of oil (CAD-). Focus for today will again be on oil which will remain the case until next Thursday’s RBNZ interest rate decision. Other events to watch include the GDT dairy auction (overnight Tuesday) and Canadian data on Friday. For now the momentum favours the NZD topside, especially should .9650 clear which brings .9750/60 into view.
The current interbank midrate is:    NZDCAD 0.9619

The interbank range this week has been:    NZDCAD 0.9517 - 0.9640
Tuesday 13th September 1:30pm(NZT)
The New Zealand dollar is largely unchanged against the Canadian dollar since our report last week. Some volatility has been noted in the interim after the comments from Fed officials on Friday which raised the probability for a US rate hike later this month (although the lows have been contained by .9510). The comments saw investors ditch equities and risk currencies (NZD-) although the CAD was also effected via the lurch lower in the oil price. This week looks set to be quiet outside of the NZ GDP data on Thursday although eyes will again be on events later in the week in the US (US data).
  Current Level Support Resistance Last week's range
NZD/CAD 0.9587 0.9510 0.9650 0.9441 - 0.9649

Thursday 8th September 2:30pm(NZT)
The New Zealand dollar has rallied sharply against the Canadian dollar in trade this week. The move has peaked so far near those highs last seen in March 2014 (near .9650) and comes after a more dovish than expected monetary policy statement from the BoC overnight and after the strong demand that has again been seen for the NZD this week (on the back of yield appeal and stronger dairy prices). Resistance beyond the key .9650 level is next seen around 1c higher at the multi-decade highs (~.9750/60). Look to oil pricing and Canadian employment data tomorrow for immediate direction. As with many NZD crosses this move higher looks well extended to us.
The current interbank midrate is:    NZDCAD 0.9608

The interbank range this week has been:    NZDCAD 0.9436 - 0.9649
Tuesday 6th September 3:30pm(NZT)
The New Zealand dollar has fallen against the Canadian dollar since our report on Friday. The move comes on the back of the strong bounce in the price of oil which has rallied on the back of the weaker USD and reports out yesterday of an agreement between Russia and Saudi Arabia to cooperate on promoting oil price stability. Look for oil and the BoC interest rate decision/statement (Wednesday) and Canadian employment data (Friday) to help drive this cross this week. We lack a bias, although note the inability of this cross to hold above .9550 on many occasions over the last two and a half years.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9444 0.9380 0.9575 0.9425 - 0.9572

Friday 2nd September 2:30pm(NZT)
The New Zealand dollar has rallied against the Canadian dollar in trade this week. The move comes on the back of the weakness in the oil price which has fallen around 10% in the last 5 trading days (CAD-). Resistance at .9575 is now close at hand and look for further selling opportunities ahead of .9620 and .9650. Look for oil to again hold the key to the next move over the days ahead prior to next week’s Canadian interest rate decision on Wednesday.
The current interbank midrate is:    NZDCAD 0.9544

The interbank range this week has been:    NZDCAD 0.9377 - 0.9554
Tuesday 30th August 2:00pm(NZT)
The New Zealand dollar is trading at similar levels against the Canadian dollar to those reported on Friday. Highs near .9480 again capped trade on Friday over the comments on US rates which came from Fed officials at Jackson Hole (USD supportive). Lows around .9380 which were seen early yesterday came as the market absorbed those remarks of the Fed’s Fischer who spoke of Yellen’s comments being consistent with two rate hikes this year (this hurt the high yielders like the NZD more so than the likes of the CAD). Focus for this week will be on the energy markets and Canadian GDP numbers on Wednesday. For now we favour more trade within those ranges seen last week.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9438 0.9380 0.9480 0.9377 - 0.9480

Friday 26th August 3:30pm(NZT)
The New Zealand dollar is largely unchanged in trade against the Canadian dollar this week. Highs near .9480 have been seen on multiple occasions this week which now presents the obvious barrier to any further move higher. Further moderate resistance should be seen at .9490/.9500 and with a lack of any key data in coming days it will be down to the fall-out on the USD and $USD priced commodities (i.e. oil) on comments out of Jackson Hole and key OPEC oil producing nations to drive this cross.
The current interbank midrate is:    NZDCAD 0.9435

The interbank range this week has been:    NZDCAD 0.9279 - 0.9480
Tuesday 23rd August 1:30pm(NZT)
The New Zealand dollar has rallied against the Canadian dollar since our report on Friday. The move comes on the back of weaker than expected Canadian inflation and retail data late on Friday and more importantly on the back of a sharp reversal (lower) in the price of oil overnight. A further spike was seen this morning (to ~.9480) during RBNZ Governor Wheeler’s speech in Dunedin. With a lack of any key data from either country this week it will be down to gyrations in the price of oil to dictate moves in this cross which makes making a call on the next move particularly difficult.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9441 0.9275 0.9500 0.9279 - 0.9471

Friday 19th August 1:30pm(NZT)
The New Zealand dollar has eased fractionally against the Canadian dollar this week. The drift lower comes on the back of the solid oil price inspired performance in the CAD which has outperformed the NZD which enjoyed better than expected employment and dairy price data during the week. The cross looks heavy to us with nearby support around .9285/90 under threat presently. Canadian data is the immediate scheduled event of interest today for the cross (inflation and retail) although in reality the price of oil will likely dictate the momentum over the days ahead.
The current interbank midrate is:    NZDCAD 0.9300

The interbank range this week has been:    NZDCAD 0.9287 - 0.9404
Tuesday 16th August 1:30pm(NZT)
The New Zealand dollar has had a quiet start to the week against the Canadian dollar this week which has seen the cross move sideways since our last report. There has been no material economic data to drive the cross and for now lows around .9300 have held so far. Look to NZ employment and the dairy price data for immediate risk, whilst later in the week we look to Canadian news (Friday) for interest. We have little bias at present at current levels.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9317 0.9290 0.9575 0.9294 - 0.9546

Friday 12th August 2:30pm(NZT)
The New Zealand dollar has eased against the Canadian dollar since our report on Tuesday. Most of the volatility has been seen towards the end of the week after yesterday’s NZ OCR review which saw the cross spike to highs around .9565. This was marginally above the peak seen in July and close to the major peak seen in December 2015. A less dovish than expected statement drove the NZD response. However, the gains have all been relinquished on the back of the subsequent drift lower in the NZD/USD exchange rate and stronger oil driven CAD. Initial support is seen at .9330, .9300 and then around .9240. Look for oil based direction prior to Wednesday’s NZ data and a break of .9300 to open further downside.
The current interbank midrate is:    NZDCAD 0.9348

The interbank range this week has been:    NZDCAD 0.9339 - 0.9546
Tuesday 9th August 2:30pm(NZT)
The New Zealand dollar has strengthened against the Canadian dollar in trade since our last report. The move comes on the back of the relative underperformance in the CAD against the strong greenback after Friday’s much worse than expected Canadian employment and trade numbers. Firmer overnight oil prices have mitigated some of the move, although for now the cross remains firm. Look to this Thursday’s RBNZ interest rate decision for direction this week with the extent of foreshadowed central bank easing setting direction for the NZD (and this cross) over the ensuing days following the announcement.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9412 0.9240 0.9500 0.9337 - 0.9498

Friday 5th August 12:30pm(NZT)
The New Zealand dollar has reversed lower in trade against the Canadian dollar this week. The move comes in the context of the relative strength of the CAD which enjoyed the support of a rally in the price of oil in trade overnight. Data leads have been lacking during the week although this has the potential to change later today when we receive various Canadian indicators. Next week’s focus includes the RBNZ cash rate decision on Thursday and as always any significant developments in the oil markets. For now we marginally favour buying CAD on rallies in this cross. First resistance (minor) is seen just above .9400.
The current interbank midrate is:    NZDCAD 0.9343

The interbank range this week has been:    NZDCAD 0.9320 - 0.9498
Tuesday 2nd August 3:00pm(NZT)
The New Zealand dollar has continued to move higher against the Canadian dollar since our last report. The move comes as the CAD dropped overnight on lower oil prices, whilst demand for the high yielders (like the NZD) were noted in late trade on Friday on the back of the weaker than expected US growth data. This came as Canadian growth data issued at the same time was slightly weaker than expected (CAD-). Look for the respective employment releases from both countries (starting tomorrow in NZ) to help set sentiment for the cross this week.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9415 0.9240 0.9550 0.9241 - 0.9430

Friday 29th July 1:45pm(NZT)
The New Zealand dollar has continued to drift higher against the Canadian dollar in trade this week. The moves come on the back of a firming in the NZD over the week as demand for the relatively higher yielding currencies remains robust. Highs around .9365 have been seen so far, although levels ahead of resistance at .9575 are hard to pin down. Look for potential volatility via the NZD (NZD/JPY flow) over today’s BOJ announcement before attention turns to the Canadian data later in the day. We lack a bias although for now momentum marginally favours the topside.
The current interbank midrate is:    NZDCAD 0.9340

The interbank range this week has been:    NZDCAD 0.9135 - 0.9365
Tuesday 26th July 2:00pm(NZT)
The New Zealand dollar has continued to rally against the Canadian dollar since our report on Friday. Recent strength has come on the back of a weaker CAD which has eased on the back of falling oil prices in overnight trade. Oil looks set to be a key driver over the course of the week given the lack of incoming data until Friday. With oil looking heavy for the time being we favour additional moderate upside towards .9300, although we are looking for some support in the price of oil around $41.90/42.00 WTI) to help arrest the CAD’s recent decline.
  Current Level Support Resistance Last week's range
NZD/CAD .9248 .9090 .9300 .9086 - .9260

Friday 22nd July 1:00pm(NZT)
The New Zealand dollar has bounced against the Canadian dollar since our report on Tuesday. Support around the .9090 level has held in recent hours after yesterday’s RBNZ statement which pointed the finger at the elevated level of the NZD and its impact on the central bank’s inflation target. This saw the market move to re-price further rate cuts in 2016 as the bank targets the NZD, although the overnight fall in the price of oil has seen the Canadian dollar also come under pressure. Canadian inflation and the Canadian retail sector are in focus today although expect oil and NZD sentiment to be the greater driver.
The current interbank midrate is:    NZDCAD 0.9150

The interbank range this week has been:    NZDCAD 0.9086 - 0.9270
Tuesday 19th July 1:00pm(NZT)
The move lower in the New Zealand dollar against the Canadian dollar has continued this week. Recent pressure has come from yesterday’s weak NZ inflation numbers and after this morning’s move by the RBNZ aimed at introducing fresh restrictions on financial institutions which target lending to NZ’s overheated housing market. Look for Thursday’s RBNZ economic update for the next threat to the cross. Other events to watch are developments in the energy markets (CAD) and Canadian inflation/retail data on Friday.
  Current Level Support Resistance Last week's range
NZD/CAD .9124 .9090 .9245 .9111 - .9552

Friday 15th July 2:00pm(NZT)
Like most of the crosses covered the New Zealand dollar has fallen this week against its Canadian counterpart. The move comes on the back of a less dovish than expected BoC monetary policy report (CAD+) and after the RBNZ moved to schedule a special economic market update next Thursday (previously unannounced) which the market took as a sign that the central bank is growing increasingly uneasy about monetary conditions in NZ (especially via the many elevated NZD crosses). Look for the NZ inflation report on Monday and movements in oil for immediate direction. The large correction this week signals to us that a medium term peak is now in place, again just ahead of .9600.
The current interbank midrate is:    NZDCAD 0.9246

The interbank range this week has been:    NZDCAD 0.9239 - 0.9552
Tuesday 12th July 1:00pm(NZT)
The New Zealand dollar rally against the Canadian dollar has continued since our last report. The move comes on the back of the soft showing from the CAD which has been driven by the recent fall in oil prices, although Friday’s Canadian employment data also had soft undertones. Friday’s firm US data was surprisingly (initially) NZD supportive on the back of ‘risk’ currency buying although the weakness in the NZD/USD exchange rate yesterday has pulled the cross back from its .9550 highs. This level through to .9575 (Dec 2015 highs) is sound resistance and we favour taking advantage of this large NZD/CAD rally to buy CAD. Look to the BoC monetary policy decision on Wednesday and oil pricing for direction this week.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9486 0.9300 0.9575 0.9221 - 0.9546

Friday 8th July 12:00pm(NZT)
The New Zealand dollar has continued to advance this week against the Canadian dollar. The strength has accelerated in recent hours on the back of the fall in the price of oil (CAD-). Assisting the move was NZD buying after the RBNZ failed to signal any further imminent implementation of macro-prudential housing measures in a speech yesterday. Canadian data (employment) and oil and tonight’s US employment numbers (look for implications on US rates and reduced NZ yield spread advantage should the number surprise to the upside, more NZD negative ) form the immediate focus for this cross.
The current interbank midrate is:    NZDCAD 0.9392

The interbank range this week has been:    NZDCAD 0.9221 - 0.9405
Tuesday 5th July 2:00pm(NZT)
The New Zealand dollar has continued to edge out gains against the Canadian dollar since our report on Friday. The move comes in a still supportive environment for risk and as investors look to currencies that have a reduced exposure to the uncertain UK/European political situation. Look to oil and risk/non-UK/EU sentiment for direction this week in the lead up to the US employment data on Friday. We are unsure on immediate direction this cross. For now the momentum is higher although the ~7.8% rally since the late April lows looks appealing for CAD buyers.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9278 0.9060 0.9320 0.9161 - 0.9304

Friday 1st July 3:00pm(NZT)
The New Zealand dollar has lifted against the Canadian dollar since our report on Tuesday. The move comes on the back of the lift seen in the appetite for risk (NZD+) as confidence and global equities lifted sharply from Monday’s lows during the course of the week. Look for risk appetite to continue to dominate next week prior to our report on Tuesday. We lack bias at current levels, although for now the momentum points to the upside. Nearest resistance lies at .9320
The current interbank midrate is:    NZDCAD 0.9248

The interbank range this week has been:    NZDCAD 0.9111 - 0.9276
Tuesday 28th June 2:00pm(NZT)
The New Zealand dollar has eased against the Canadian dollar since our report on Friday. The move comes on the back of the decision by the UK to leave the EU which saw the ‘risk’ currencies punished severely after the news. This occurred in part on the back of the overconfidence that the market had placed on a ‘Bremain’ vote running into the vote (which saw the ‘risk currencies rally strongly into Friday). Look for global confidence and swings in risk appetite to dominate moves in the cross this week as volatility in the ‘risk’ currencies supersedes any fallout from the Brexit on the price of oil.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9175 0.9060 0.9320 0.9084 - 0.9311

Friday 24th June 3:00pm(NZT)
The New Zealand dollar has rallied strongly against the Canadian dollar in trade so far this week. The move comes on the back of the move to buy ‘risk’ currencies in anticipation of a win by the ‘remain’ campaign in today’s UK EU referendum. Brexit based volatility is already moving to an extreme and we expect this to remain the case throughout the day and well into next week. Resistance above today’s highs is seen near .9400 whilst .8960 is seen as first support, although in this environment  these levels have vastly reduced importance.
The current interbank midrate is:    NZDCAD 0.9254

The interbank range this week has been:    NZDCAD 0.9067 - 0.9311
Tuesday 21st June 2:00pm(NZT)
The New Zealand dollar is trading at similar levels against the Canadian dollar to that reported on Friday. Both currencies have been benefactors of the positive shift in Brexit based risk sentiment (NZD on risk, CAD on oil) in recent sessions after the latest move in UK polling showed a shift in favour of the ‘remain’ vote. Expect a choppy week in the cross as liquidity dries up over the course of the week heading into Thursday’s vote. Current momentum is higher in the cross, although predicting an outcome in the immediate aftermath of Thursday’s vote is very difficult.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9108 0.8960 0.9170 0.8966 - 0.9170

Friday 17th June 3:00pm(NZT)
The New Zealand dollar has moved higher against the Canadian dollar this week. The shift comes on the back of better than expected NZ data released yesterday and on the back of oil prices which have retraced sharply over the course of the week. Concerns over a Brexit and its impact on global growth have seen a chunk of speculative ‘long’ positioning in oil unwind as the week progressed. Canadian inflation data features today although economic news looks unlikely to be a key driver over the days ahead. Initial targets for this move look to lie in the .9230/50 area.
The current interbank midrate is:    NZDCAD 0.9112

The interbank range this week has been:    NZDCAD 0.8966 - 0.9170
Tuesday 14th June 2:00pm(NZT)
The New Zealand dollar has eased against the Canadian dollar since our commentary on Friday. Moves have been contained within a .8970/.9070 range since the report and come as the NZD has eased on the back of ‘risk’ selling whilst the CAD has eased on the back of a retracement in the oil price. These types of external risks are making this cross difficult to call although for now recent momentum points to the upside. Data events to consider for the cross this week include the NZ Q1 GDP report on Thursday and Canadian inflation numbers on Friday.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9032 0.8970 0.9100 0.8850 - 0.9093

Friday 10th June 3:00pm(NZT)
The New Zealand dollar has rallied strongly against the Canadian dollar since our last report. The move has come on the back of the large push higher in the NZD after yesterday’s RBNZ OCR review. This saw the RBNZ hold rates and exercise caution over their ability to cut rates further given the current rampant demand for housing. 0.9100 is the first resistance level, although the resistance ‘zone’ could extend to .9120. Further weak resistance is noted around .9225. We favour buying dips and expect NZD sentiment to drive trade over the week ahead. First support is eyed around .9000.
The current interbank midrate is:    NZDCAD 0.9050

The interbank range this week has been:    NZDCAD 0.8846 - 0.9093
Tuesday 7th June 3:00pm(NZT)
The New Zealand dollar has eased against the Canadian dollar since our last report although not before trading to highs near .9000 on the close last week. Both currencies benefitted markedly at the end of the week from the sharply weaker USD although gains earlier in the week were seen in the cross as the NZD rose after better than expected local data and a sharply higher data driven AUD. Losses have been seen this week on the back of the easing NZD/USD and firm CAD which continues to be bolstered from a strong oil price. This week’s RBNZ cash call looks to be the most critical event for the cross this week. We lack a view here.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8865 0.8700 0.9000 0.8759 - 0.9007

Thursday 2nd June 1:30pm(NZT)
The New Zealand dollar has jumped higher against the Canadian dollar this week. The move comes on the back of gains in the NZD which has lifted on the back of strong local economic leads and an AUD which reaped the benefits of better than expected key Australian data (most so Q1 GDP). Resistance at .8930 has so far held the rally and beyond this .8990/.9000 is the next level to watch. The performance this week has surprised us somewhat, although it is reminder of our close association with the fortunes of the AUD and wider commodity space in general. The move this week has us being more positive on this cross than we have been for a number of weeks. The RBNZ meeting (Thursday) and Canadian employment (Friday) are the local events to watch next week. Results from this week’s OPEC meeting could drive some oil price volatility (CAD sensitive).
The current interbank midrate is:    NZDCAD 0.8920

The interbank range this week has been:    NZDCAD 0.8696 - 0.8925
Tuesday 31st May 2:30pm(NZT)
The New Zealand dollar has tracked largely sideways against the Canadian dollar since our report on Friday. There has been little to go on for this cross over the weekend and yesterday meaning any move after last week’s decline has been muted. Events of interest this week are the Canadian GDP print for March and the next in the GDT dairy price auction series. We favour the downside for this cross, although while support around .8700 holds potential for better entry levels nearer .8800 and perhaps as high as .8880 exist.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8759 0.8700 0.8930 0.8696 - 0.8880

Friday 27th May 2:00pm(NZT)
The New Zealand dollar has lost ground to its Canadian counterpart this week. Monday’s peak of 0.8929 proved to be the high and it’s been largely one way traffic since then. The Canadian dollar appreciated somewhat after the BOC rate statement forcing the NZDCAD cross rate lower. This move was then accentuated by NZD weakness yesterday in the wake of Fonterra’s announcement. The pair traded to a low of 0.8696 last night, before staging a small recovery. While support around the 0.8700 level contains the weakness a broader recovery back toward 0.8900 could unfold. Any sustained break below 0.8700 however, would warn of further losses and the target would be late April's low of 0.8585.
The current interbank midrate is:    NZDCAD 0.8766

The interbank range this week has been:    NZDCAD 0.8696 - 0.8929
Tuesday 24th May 2:00pm(NZT)
The New Zealand dollar has continued to gain against the Canadian dollar since our commentary on Friday. Pressure on the CAD against the USD has remained in recent days despite oil prices remaining firm in recent trade (some losses from the highs have been noted). Canadian data on Friday was close enough to the expectations to cause little stir. Economic considerations will be dominated by Wednesday’s BoC rate decision (unanimous consensus of no change) and commentary. We favour buying the CAD over the NZD after the recent move up in the cross, although note the risk of an oil price correction based on the current extended speculative long positioning.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8874 0.8700 0.8930 0.8747 - 0.8929

Friday 20th May 3:00pm(NZT)
The New Zealand dollar has rallied against the Canadian dollar this week and sits near its highs in current trade. The move comes despite the price of WTI oil setting fresh 2016 highs in trade this morning and comes as the CAD has put in a poor showing against the strong USD this week. Data so far has been light and has hence had no impact of note. However, this could change later today when the Canadian inflation and retail numbers hit the market. We continue to favour selling rallies in this cross, although acknowledge that for now the momentum is higher. Resistance beyond .8875 lies just ahead of .9000.
The current interbank midrate is:    NZDCAD 0.8853

The interbank range this week has been:    NZDCAD 0.8732 - 0.8863
Tuesday 17th May 2:00pm(NZT)
Like most of the NZD crosses covered, trade in the New Zealand dollar against the Canadian dollar has been quiet since our report on Friday. Gains have been registered by the CAD in recent hours on the back of continued strength in the price oil which has extended its rally in recent trade. Look for oil to continue to dictate, although today’s RBNZ Inflation Expectations survey should interest some. Dairy price data (tonight) will also be of interest prior to the key Canadian inflation and retail sales data at the end of the week. We favour selling rallies, aggressive sell NZD orders could be placed around .8800.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8748 0.8700 0.8875 0.8716 - 0.8812

Friday 13th May 3:00pm(NZT)
The New Zealand dollar has drifted higher against the Canadian dollar since our report on Tuesday. Lows just ahead of .8700 were observed over the week and occurred prior to the NZ Financial Stability report which helped buoy sentiment shown towards the NZD. Key support and resistance remains at .8610 and .8875 overall for now, although selling has capped the cross rebound above .8800 so far. Look for oil prices (which have helped the CAD in recent hours) to dominate direction next week prior to the Canadian data releases at the end of the week.
The current interbank midrate is:    NZDCAD 0.8745

The interbank range this week has been:    NZDCAD 0.8716 - 0.8860
Tuesday 10th May 2:00pm(NZT)
The New Zealand dollar has fallen against the Canadian dollar since our report on Friday. The move comes on the back of shift lower in the NZD/USD exchange rate which lurched lower last night after breaking support at the .6800 level. Commodity influence continues to be important for both currencies at present, although the RBNZ Financial Stability report tomorrow could also have implications for the NZD. We favour selling rallies towards last week’s highs for the time being.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8736 0.8610 0.8875 0.8736 - 0.8872

Friday 6th May 2:00pm(NZT)
The New Zealand dollar has continued to trade positively against the Canadian dollar this week. The move higher has come in an environment where the commodity currencies have performed poorly. The Canadian trade data out during the week highlighted the weakness in Canadian exports, which hurt subsequent CAD sentiment. Next week is a relatively quiet week for data points out both countries. This should leave oil and risk/yield sentiment as the predominant drivers. Canadian and US employment data tonight are the immediate features on the landscape. We favour using this move for buying CAD overall.
The current interbank midrate is:    NZDCAD 0.8858

The interbank range this week has been:    NZDCAD 0.8714 - 0.8872
Tuesday 3rd May 2:20pm(NZT)
The New Zealand dollar has continued to gain against the Canadian dollar since our report on Friday. This is a continuation of the theme that was seen last week which was cemented by an RBNZ OCR statement which was more hawkish than expected. Employment data from both countries this week will be key to whether this advance can be maintained. We continue to favour selling rallies in this cross, although for now the momentum is higher.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8813 0.8610 0.8850 0.8612 - 0.8824

Friday 29th April 2:00pm(NZT)
The New Zealand dollar has bounced strongly from its lows against the Canadian dollar this week. These were limited to ~.8610 and came ahead of yesterday’s more hawkish than expected NZ OCR statement which pointed to strong migration, housing market pressure and the reduced effect on inflation as low oil prices left the calculation. Canadian GDP data is set for release tonight, although attention will continue to focus on the price of oil which is setting fresh 2016 highs. Resistance is seen around the weekly highs near .8770 through to 8780. We favour selling NZD and buying CAD on this rally.
The current interbank midrate is:    NZDCAD 0.8734

The interbank range this week has been:    NZDCAD 0.8612 - 0.8809
Tuesday 26th April 2:20pm(NZT)
The New Zealand dollar has fallen against the Canadian dollar since our last report. The move comes after the Canadian dollar has outperformed in the face of the declines in the CRB index and price of oil. Strong Canadian data on Friday which included much better than expected core inflation and retail sale prints has seen the CAD perform better than its other commodity currency pairs . Look for direction this week to come from the outcome of the NZ OCR decision on Thursday and further volatility in the price of oil. Canadian GDP data set for release on Friday should also be considered. We continue to favour selling rallies.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8708 0.8650 0.8750 0.8669 - 0.8968

Friday 22nd April 2:00pm(NZT)
The New Zealand dollar has enjoyed a volatile week against the Canadian dollar this week. Gains topped ahead of .9000 earlier in the week and came on the back of momentum post the Doha oil producer meeting flop and strong buying in the NZD/USD exchange rate as it broke the old highs set in late March around .6970. A subsequent broad decline in the CRB index has placed the NZD under pressure as it has fallen ~2% from its weekly highs against the USD (against ~1% decline for the CAD). We continue to favour buying the CAD over the NZD, although resistance at .9000 is now distant. A break of .8750 opens the downside. We would expect this level to be breached should the RBNZ choose to cut on Thursday.
The current interbank midrate is:    NZDCAD .8792

The interbank range this week has been:    NZDCAD .8789 - .8988
Tuesday 19th April 2:40pm(NZT)
The New Zealand dollar has rallied against the Canadian dollar in choppy trade so far this week. Prices in the cross initially spiked higher yesterday on the news that the Doha oil producer meeting had failed to secure a production cap. A recovery in the oil price led by news of a Kuwaiti oil strike has since moderated the gains. Local inflation data released yesterday was largely overlooked after it printed near consensus forecasts. Look for oil prices to again have a strong influence this week. Canadian data of interest includes inflation and retail sales numbers on Friday.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8920 0.8850 0.9000 0.8788 - 0.8988

Friday 15th April 2:00pm(NZT)
The New Zealand dollar has continued to drift lower against the Canadian dollar since Tuesday. The move comes amid continued strong demand for the CAD ahead of this weekend’s all important Doha oil meeting between key oil producing nations. NZD selling against the Australian dollar also helped the move lower yesterday. Look for the outcome of this weekend’s meeting to dictate the next move for this cross. NZ inflation data due on Monday is also of interest. First support is seen at .8750. Minor resistance at .8890 should provide little in the way of resistance to a Doha flop + strong NZ inflation report combination.
The current interbank midrate is:    NZDCAD 0.8799

The interbank range this week has been:    NZDCAD 0.8788 - 0.8914
Tuesday 12th April 2:30pm(NZT)
The New Zealand dollar has continued to fall against the Canadian dollar in trade since our last report. This comes on the back of the large rise in oil prices on Friday (WTI+6.6%) and strong employment data out of Canada which easily beat the consensus forecasts. Look for oil and the BoC interest rate decision (Thursday) to set the tone of trade this week. We continue to favour the CAD over the NZD while the oil price environment slowly improves. Note the Doha oil meeting this Sunday.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8859 0.8750 0.8890 0.8829 - 0.8969

Friday 8th April 2:00pm(NZT)
The New Zealand dollar is sliding against the Canadian dollar in recent hours and sits lower overall on the week. The moderate move comes on the back of an easing in commodity currencies and has been aided by the strong fall seen in the NZD/JPY cross rate. An overnight slide in the oil price has moderated what could have otherwise been a more significant decline. First resistance is now noted at .8970, support remains at .8850. Look for external factors and Canadian employment data to dictate trade into week’s end.
The current interbank midrate is:    NZDCAD 0.8901

The interbank range this week has been:    NZDCAD 0.8882 - 0.9020
Tuesday 5th April 2:30pm(NZT)
The New Zealand dollar has given up much of its gains from last week against the Canadian dollar in trade so far this week. This comes after the broad based decline (>2%) in the CRB index overnight and after a weak Q1 NZIER Business Confidence survey released this morning, both of which have had the effect of outweighing the weak oil price noted overnight. Look for oil, broader commodity movements and Canadian data events to dictate this week, although the NZD connection with the AUD over the RBA announcement today could be interesting also. We continue to favour the CAD over the NZD in the long run for now.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8910 0.8850 0.9050 0.8865 - 0.9052

Friday 1st April 3:30pm(NZT)
The New Zealand dollar has rallied strongly against the Canadian dollar this week. The surprise move came on the back of comments from Fed Chair Yellen released during a speech which drove the USD lower as 2016 US rate expectations were pared. The reduced interest rate outlook for US rates helped global equities rally and helped support the more risk based currencies like the NZD. Oil prices which have eased on the week will have also likely aided the CAD underperformance relative to the NZD. This week’s highs around .9050 should now form first resistance to up-moves. Very minor support should be seen around .8940. We lack bias for the next move in the short term.
The current interbank midrate is:    NZDCAD 0.8987

The interbank range this week has been:    NZDCAD 0.8852 - 0.9052
Tuesday 29th March 2:30pm(NZT)
The New Zealand dollar has drifted against the Canadian dollar for the majority of the week since our last report. Losses were noted mid week last week as the NZD/USD eased on the back of ‘risk’ selling post the terrorist attacks in Brussels. These were quickly unwound later in the week as oil prices slid (CAD-) on the back of reports which showed oil inventories at 80 year highs. Look for a quiet week this week until Friday’s Canadian GDP data and US employment numbers.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8876 0.8750 0.8940 0.8755 - 0.8911

Tuesday 22nd March 3:30pm(NZT)
The New Zealand dollar continues to drift in trade against the Canadian dollar this week. Both the CAD and the NZD have performed well against the USD since the more dovish than expected US Fed meeting last week. The CAD has eased from its highs against the USD in recent trade and comes despite an oil price which has reached fresh 2016 highs overnight. Falls in the cross from the highs set in December to the lows have totalled over 8%, the inability of the CAD to kick on despite further gains in the oil price have us favouring a moderate bounce in the cross in the short term.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8852 0.8775 0.8940 0.8791 - 0.8917

Friday 18th March 1:30pm(NZT)
The New Zealand dollar has tracked sideways overall this week against the Canadian dollar. This comes after the early week declines reversed in trade after the more dovish than expected US Fed interest rate statement which was delivered yesterday morning. The revised interest rate path (lower) from the Fed has been particularly beneficial for currencies with exposure to both risk flow and commodities. The reduced liquidity which is often notable in the NZD during periods of USD liquidation and a stronger than expected NZ GDP print have also helped the gains. Canadian data is due tonight, although focus for next week should again be on the oil market. We favour using this rally to sell. Resistance is seen at .8940, first support has now formed at .8775.
The current interbank midrate is:    NZDCAD 0.8872

The interbank range this week has been:    NZDCAD 0.8791 - 0.8937
Tuesday 15th March 1:30pm(NZT)
The falling trend in the New Zealand dollar against the Canadian dollar remains well in place during trade this week. The move by the RBNZ to lower interest rates last week opened another leg lower for the cross which has been depreciating through all of 2016 so far. By contrast the BoC left Canadian interest rates on hold last week. We continue to heavily favour selling rallies in this cross based on the more positive outlook for oil. First resistance above lies in the .8940/50 area. Data of interest this week includes the NZ Q4 GDP report on Thursday and the end of week Canadian releases which include inflation and retail sales numbers.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8865 0.8585 0.8940 0.8780 - 0.9091

Friday 11th March 1:30pm(NZT)
The New Zealand dollar has fallen significantly against the Canadian dollar this week. The move lower occurred yesterday morning after the surprise decision by the RBNZ to cut interest rates at the central bank monetary policy meeting. Further cuts in 2016 now appear likely. Earlier the BoC was seen leaving interest rates on hold at 0.5% and offering a relatively upbeat assessment of the Canadian economy and inflation outlook, especially when viewed next to the RBNZ’s dour assessment of the NZ economy. We strongly favour selling rallies in this cross towards .8950 based on the bearish NZD monetary policy outlook and the vastly improved recent outlook for the oil market.
The current interbank midrate is:    NZDCAD 0.8895

The interbank range this week has been:    NZDCAD 0.8780 - 0.9114
Friday 4th March 6:00pm(NZT)
The New Zealand dollar has posted moderate gains against the Canadian dollar over the course of this week. This comes after a poor start to the week as the NZD felt the weight of weak local data and a bearish note from a leading local bank on Monday. The CAD has ground out moderate gains against the USD this week on the back of a firming oil price. The NZD/USD has benefitted more strongly from an AUD/USD exchange rate which has rallied to highs not seen since early Dec 2015. Interest rate meetings from both countries central banks will feature next week. Resistance to further gains lies in the zone from the weekly highs (~.9055) to .9075.
The current interbank midrate is:    NZDCAD 0.9013

The interbank range this week has been:    NZDCAD 0.8857 - 0.9170
Tuesday 1st March 2:30pm(NZT)
The New Zealand dollar has continued to fall sharply against the Canadian dollar since our last report. The latest declines come on the back of additional oil inspired CAD$ gains, bearish data out of NZ yesterday and a bearish NZD call by a leading NZ bank. We favour continued declines in this cross based on emerging support for the oil price and the current negative sentiment surrounding the NZD. Canadian data of note is concentrated on Friday.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8939 0.8880 0.9040 0.8892 - 0.9226

Friday 26th February 2:00pm(NZT)
The New Zealand dollar has slid against the Canadian dollar in trade this week. Current levels sit well of the highs seen around the .9225 level. These highs through to .9240 form the first resistance zone, support lower is eyed in the .9025/40 zone. We continue to favour selling rallies in this cross noting the strong recent performance of the CAD, especially in light of the only muted gains so far in the oil price. Canadian data next week may have a limited impact on this cross.
The current interbank midrate is:    NZDCAD 0.9134

The interbank range this week has been:    NZDCAD 0.9075 - 0.9226
Tuesday 23th February 4:00pm(NZT)
The New Zealand dollar has rallied well against the CAD in trade so far this week. This comes after the CAD received more moderate gains relative to the NZD overnight, this despite the solid showing in the oil price. Whilst both currencies benefit from increased commodity currency appeal the gains in this cross can be put down to the very strong showing in the AUD/USD (and by association the NZD) exchange rate over the last 24 hours. Resistance above the overnight highs is seen around .9240 and just above, first support should be seen around .9140/50. We favour selling near resistance at present.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9186 0.9140 0.9240 0.9046 - 0.9210

Friday 19th February 2:00pm(NZT)
The New Zealand dollar has eased against the CAD this week, although sits off its lows currently. Again sentiment towards the CAD, which has derived from oil market developments, were seen as the notable driver. January lows just under .9050 held the decline this week, although a bounce has been seen in recent hours on the back of the easing oil price. We favour selling rallies next week, first resistance is now seen around .9140/50 and then .9240.
The current interbank midrate is:    NZDCAD 0.9116

The interbank range this week has been:    NZDCAD 0.9046 - 0.9338
Tuesday 16th February 2:00pm(NZT)
The New Zealand dollar has fallen sharply against the Canadian dollar since our last report. This comes on the back of a sharp rally in the oil price on Friday (CAD+) which posted its largest percentage gain since 2009. The NZD/USD exchange rate failed to participate in Friday’s lift in risk sentiment after the better than expected U.S. data flow. A break of .9140 may place this cross under additional selling pressure. Canadian data on Saturday morning and the latest dairy auction tonight are events to consider this week, oil pricing remains our primary concern overall however.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9190 0.9140 0.9240 0.9137 - 0.9378

Friday 12th February 2:00pm(NZT)
The New Zealand dollar has enjoyed a strong rally against the Canadian dollar this week. This comes on the back of further pressure on the CAD on another round of declines in oil pricing and the solid performance by the NZD on the back of large scale USD selling. Data considerations will continue to take a firm back seat in this environment although Canadian inflation and retail sales data is set for release at the end of next week. Retail sales data will also feature on the NZ calendar on Tuesday before the latest dairy auction results on Wednesday morning. Resistance on this move higher is set around .9450.
The current interbank midrate is:    NZDCAD 0.9330

The interbank range this week has been:    NZDCAD 0.9137 - 0.9381
Tuesday 9th February 3:00pm(NZT)
The New Zealand dollar swung within a ~1.25c range against the Canadian dollar since our last report, although presently sits only marginally lower in current trade. Both the NZD and CAD have slid since Friday, the NZD on the back of significant ‘risk off’ flow and the CAD on another bout of oil price weakness. The data calendar from both regions is light this week so these themes look set to continue to drive moves in this cross. We lack any strong bias at present on the next major move from here, although the weak oil price and bullish NZD events last week perhaps favour a drift higher.
  Current Level Support Resistance Last week's range
NZD/CAD .9216 .9140 .9275 .9074 - -.9265

Friday 5th February 2:00pm(NZT)
The New Zealand dollar has lifted this week against the Canadian dollar and comes on the back of the solid gains enjoyed by the NZD/USD exchange rate after the better than expected NZ Q4 employment data and comments from the RBNZ Governor. The CAD has also had a solid showing this week on the back of the improvement seen in the oil price (some of which tempered in overnight trade). Gains beyond the weekly highs (~.9255) will likely hinge on further oil market news and tonight’s Canadian data which includes employment numbers and the Ivey PMI release. First support now lies around .9150.
The current interbank midrate is:    NZDCAD 0.9250

The interbank range this week has been:    NZDCAD 0.9034 - 0.9257
Tuesday 2nd February 2:00pm(NZT)
The New Zealand dollar has lifted against the Canadian dollar so far this week and comes after the surge higher in the NZD/USD exchange rate seen overnight that outpaced the stronger CAD, which managed to rally despite lower oil prices overnight. The trend for this cross is lower and has been in place since late 2015, this has us favouring selling rallies although we note the heavy NZ event risk over the next 36 hours which includes the latest GDT dairy price auction release, the Q4 employment data and a speech by the RBNZ Governor. Better resistance beyond .9150 lies around .9240.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9125 0.9000 0.9150 0.9034 - 0.9234

Friday 29th January 1:30pm(NZT)
The New Zealand dollar is trading near its lows against the Canadian dollar for the week in present trade as the CAD benefits from the surge seen in the oil price from last week’s near 13-year lows. The NZD however, languishes (despite the improvement seen in commodity currencies) on the back of the more dovish than expected RBNZ statement yesterday. Of immediate interest for this cross will be the Canadian GDP print tonight, employment data out of both countries are noted next week. We favour selling rallies towards .9140. First support for this move is eyed around .9000.
The current interbank midrate is:    NZDCAD 0.9092

The interbank range this week has been:    NZDCAD 0.9047 - 0.9345
Tuesday 26th January 4:00pm(NZT)
The New Zealand dollar sits off its lows seen last week against the Canadian dollar (~.9140) although also sits well off its highs  (~.9455). An overnight sell-off in the oil price has again put the CAD under pressure and reinstates the dominant CAD- theme after last week’s strong bounce offered some respite. Less dovish than expected comments from the BOC Governor also played a part in the NZD/CAD decline last week (as the CAD rallied). It will be the turn of the RBNZ commentary this week (Thursday) to offer additional impetus for this cross over and above the key ‘oil-price’ and ‘risk’ drivers.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9185 0.9140 0.9455 0.9141 - 0.9455

Friday 22nd January 2:30pm(NZT)
The New Zealand dollar sits well off its weekly highs seen against the Canadian dollar (~.9455). This comes after a weaker than expected NZ Q4 inflation print and less dovish than expected comments from Governor Poloz at the BOC interest rate meeting this week. Lows this week have once again been limited to the .9230 level and while above .9200 the NZD should continue to dominate. Canadian inflation and retail sales data form the immediate focus for this cross before next week’s key RBNZ meeting on Thursday.
The current interbank midrate is:    NZDCAD 0.9328

The interbank range this week has been:    NZDCAD 0.9231 - 0.9455
Tuesday 19th January 2:00pm(NZT)
Although the New Zealand dollar has seen pressure since the start of this year, it pales in comparison to the losses the Canadian dollar has seen over the past couple of months. As such the cross rate remains well supported above support now seen around 0.9200. In the early stages of this week oil prices have taken another dive on the back of the removal of Iranian sanctions. This has kept pressure on the CAD and driven the cross against the NZD back up toward 0.9400. The big questions now is will the Bank of Canada react to renewed oil price weakness and cut interest rates when they meet this week. It’s a very close call, and as such we should see some further volatility in the CAD. Ahead of that decision we have a dairy action and NZ inflation data to digest. While the pair remains above 0.9200 support, the risks remains skewed to the topside.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9380 0.9200 0.9400 0.9243 - 0.9454

Friday 15th January 2:00pm(NZT)
The New Zealand dollar sits only slightly lower against the Canadian dollar since our last report. Lows this week have been limited to the .9230 area, although current pricing sits above that level. This comes as the CAD continues to languish near its multi-year lows against the USD as oil prices sit only marginally above their recent 12 yr + lows. We marginally favour a drift lower in this cross over the week ahead, although declines will likely be predicated on an eventual recovery in the oil price. The BOC meeting next week on Thursday morning could be important; inflation prints from both countries should also be noted.
The current interbank midrate is:    NZDCAD 0.9310

The interbank range this week has been:    NZDCAD 0.9233 - 0.9394
Tuesday 12th January 2:00pm(NZT)
The New Zealand dollar has eased significantly from its highs set against the Canadian dollar prior to the New Year (~.9570). Both the NZD and the CAD have been under pressure in 2016. The declines seen in the NZD/USD exchange rate on the back of ‘risk-off’ selling have outweighed the additional losses seen by the CAD as the oil price continues to plumb fresh cyclical lows. Quiet data calendars from both regions this week will mean risk aversion (NZD) and commodity price movements will drive pricing. Whilst both pressures are significant we favour the ‘risk aversion’ theme to slightly outweigh the weak oil pricing over the week.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9330 0.9000 0.9575 0.9233 - 0.9420

Tuesday 22nd December 2:00pm(NZT)
The New Zealand dollar remains in a strong position against the Canadian dollar in recent trade this week. This sentiment comes on the back of the continued bearish sentiment displayed towards the CAD as weak energy market pricing weighs on its fortunes. Barring a reversal in the oil price, the recent gains in this cross look set to continue in the foreseeable future. On the data front Canadian retail sales and GDP data is slated for announcement on Christmas Eve day, NZ trade data tomorrow is unlikely to concern.
  Current Level Support Resistance Last week's range
NZD/CAD .9462 .9000 .9620 .9243 - .9478

Friday 18th December 2:30pm(NZT)
The New Zealand dollar continues to post gains against the Canadian dollar this week setting fresh highs on this swing move around .9400. Dour sentiment towards the energy market continues to be the key driver for this cross; RBNZ comments last week have also aided the strength. Resistance beyond the week’s highs lies significantly higher in the .9620-.9660 region. The large recent move lower in oil prices has seen this cross firm 8c in the last month already however.  First support lies around the .9000 level. Canadian inflation (tonight) and GDP (next week) data are the data points of note.
The current interbank midrate is:    NZDCAD 0.9340

The interbank range this week has been:    NZDCAD 0.9183 - 0.9399
Tuesday 15th December 2:00pm(NZT)
The New Zealand dollar continued to significantly outperform the Canadian dollar since our last report, as the weakness in the oil price shows little signs of abating. The NZD/CAD has traded to fresh highs around .9325 overnight as the price of oil plumbed fresh lows near $34.50 (WTI). Gains last week were helped by the RBNZ comments which alluded to the possibility of the latest cash rate reduction being the last. First support is distant at the .9000 level, key resistance lies between .9620 and .9660. The topside levels look somewhat distant however, given the proximity of the oil price to the GFC lows (~32.70 WTI). Events to watch this week include the NZ GDP and GDT dairy price data, Canadian inflation data will feature on Friday.
  Current Level Support Resistance Last week's range
NZD/CAD .9299 .9200 .9330 .8961 - .9327

Friday 11th December 2:30pm(NZT)
The New Zealand dollar continues to surge against the Canadian dollar, this week on the combined effect of both a very heavy oil price (CAD-) and the decision by the RBNZ to signal at yesterday’s cash rate meeting that further cuts to the cash rate (2.5%) are unlikely. The strong gains in this cross of late look set to continue while the depressed oil market dominates sentiment towards the CAD. First support lies near .9000 and resistance levels on the topside are distant. Canadian inflation data on Friday and the GDT dairy price auction/NZ GDP data are events to note next week.
The current interbank midrate is:    NZDCAD 0.9210

The interbank range this week has been:    NZDCAD 0.8885 - 0.9219
Tuesday 8th December 2:30pm(NZT)
The New Zealand dollar continues to trade firmly against the CAD in trade today, although sits well off its ~.9045 highs seen on Friday. The cocktail of weak Canadian employment data and the fallout from OPEC’s decision not to cut current oil production quotas helped drive the gains. Oil pricing and the RBNZ rate call (Thursday) will be the drivers of this cross this week. We favour higher levels in this weak oil price environment, although the RBNZ rate decision this week complicates the view.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8965 0.8775 0.9065 0.8802 - 0.9043

Friday 4th December 2:00pm(NZT)
The New Zealand dollar remains well supported against the CAD in trade today. Fresh highs not seen since late October have traded this week (near .8950) as the CAD continues to feel the malaise of a suppressed oil price which has dominated market focus over Canadian data releases. Canadian employment data is noted tonight although unless it misses expectations by a wide margin should again take a back seat to OPEC oil headlines. The RBNZ interest rate decision next Thursday will be the next key driver.
The current interbank midrate is:    NZDCAD 0.892

The interbank range this week has been:    NZDCAD 0.8704 - 0.8949
Tuesday 1st December 4:00pm(NZT)
The New Zealand dollar is trading near highs not seen in almost a month against the Canadian dollar presently. Near-term direction will come from the next GDT dairy auction and Canadian Q3 GDP release overnight, before the BOC monetary policy meeting tomorrow. Canadian unemployment data on Friday and risk sentiment (NZD) will also be important drivers. Next resistance sits around the .8900 level and may be tested over time should the ECB deliver larger than expected stimulus this Thursday which has the potential to bolster risk sentiment.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8810 0.8680 0.8900 0.8686 - 0.8822

Friday 27th November 2:30pm(NZT)
The New Zealand dollar again encountered selling around .8780 against the Canadian dollar this week. Demand was seen in the .8680 area earlier in the week, although better support is noted below 86.00. Next week’s heavy data calendar out of Canada which includes unemployment and GDP data along with the BOC cash rate decision, should see this cross trade wider ranges in the week ahead. The GDT dairy auction on Wednesday should also be noted. We have little bias on the direction for now.
The current interbank midrate is:    NZDCAD 0.8740

The interbank range this week has been:    NZDCAD 0.8686 - 0.8776
Tuesday 24th November 3:00pm(NZT)
The New Zealand dollar has eased from its highs seen against the Canadian late last week ahead of .8780. The highs were observed after a lift in the NZD/USD exchange rate which occurred on the back of a bounce in the NZX dairy futures and a surging AUD/USD. A soft Canadian retail sales number release on Friday had a more limited impact. Extremely quiet data calendar’s this week mean the cross will likely stay well within the bounds established by last week’s trade.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8698 0.8550 0.8780 0.8587 - 0.8776

Thursday 19th November 1:00pm(NZT)
It has been an interesting week for this pair, with the NZ dollar being the worse performing of the two under pressure currencies. The positive Q3 NZ retail sales data was not match for the fall dairy prices. Eyes now move toward tomorrow’s Canadian economic news which will set the tone for what potentially could be a quiet week coming with little in the way of material economic data due in either economy. With that in mind expect further falls from the NZD to be less pronounced with .8550 support likely to a sturdier test than we have seen over the course of this week.
The current interbank midrate is:    NZDCAD 0.8610

The interbank range this week has been:    NZDCAD 0.8587 - 0.8748
Tuesday 17th November 3:00pm(NZT)
The New Zealand dollar continues to drift against the Canadian dollar in recent trade. The results of tonight’s GDT dairy auction and general risk sentiment will be critical to whether the recent lateral trading ensues. Investors will also be closely watching energy markets, especially given the current heightened geopolitical tensions. We lack any real bias as to the direction of the next move, although for now the NZD downside appears more vulnerable.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8642 0.8615 0.8750 0.8626 - 0.8755

Friday 13th November 2:00pm(NZT)
The New Zealand dollar has had a listless week against the Canadian dollar after a quiet data schedule this week from both countries. We see this cross as likely continuing to trade laterally for the foreseeable future between .8615 and .8750. Key risks to this range breaking will be Wednesdays GDT dairy auction, oil price movements (CAD, although we note the sizeable oil price falls this week have failed to break the range) and Canadian inflation data at the end of the week.
The current interbank midrate is:    NZDCAD 0.8700

The interbank range this week has been:    NZDCAD 0.8638 - 0.8748
Tuesday 10th November 1:30pm(NZT)
The New Zealand dollar fell heavily against the Canadian dollar last week after GDT dairy auction and Q3 NZ employment data saw the NZD fall significantly over the week. Both the NZD and CAD have eased against the big dollar post the release of Friday’s strong U.S. employment report, although for now we favour moderate downside to this cross during what is a quiet week data-wise for both currencies. Risk sentiment and key commodity price movements will be important drivers.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8675 0.8615 0.8750 0.8623 - 0.8868

Friday 6th November 1:00pm(NZT)
The New Zealand dollar has fallen against the Canadian dollar this week after the latest soft GDT dairy auction and weaker than expected NZ Q3 employment data. Weekly highs were seen near .8870 before the data releases, declines have been limited to around .8620 so far. Canadian employment data to be released tonight will set the immediate tone for this cross, whilst we marginally favour the downside we note the large declines already seen from above .9000 in the last 2 weeks. A break of .8615/20 would be bearish, first resistance lies around .8750 and then .8800.
The current interbank midrate is:    NZDCAD 0.8700

The interbank range this week has been:    NZDCAD 0.8623 - 0.8903
Tuesday 3rd November 5:30pm(NZT)
The New Zealand dollar is drifting against the Canadian dollar for the time being after undergoing a solid downwards correction from its highs last week post the RBNZ cash rate announcement. Dairy price and NZ unemployment data over the next 24 hours will be pivotal for the next move. In Canada IVY PMI and unemployment data on Friday should be watched. First resistance lies around .8900/05 and .9010 beyond. A break of .8715 should place much of the gains seen since mid September under threat.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8845 0.8715 0.8905 0.8753 - 0.9009

Friday 30th October 2:30pm(NZT)
This week’s RBNZ monetary policy statement has helped the New Zealand dollar undergo a strong correction against the Canadian. The move came from the highs set above .9000 early in the week, after the RBNZ Governor noted the elevated level of the local currency and the risks this poses to economic activity and inflation. Initial resistance now lies around .8865 with first support coming in the .8715-30 region. For the time being we see further gains as being limited after the threat posed by the RBNZ to the interest rate path in NZ should the NZD remain strong. NZ unemployment and dairy price data on Wednesday is likely to outweigh the impact of Canadian data releases on this cross next week, although Canadian GDP tonight should be noted.
The current interbank midrate is:    NZDCAD 0.8845

The interbank range this week has been:    NZDCAD 0.8753 - 0.9009
Tuesday 27th October 4:00pm(NZT)
The Canadian dollar has been seeing relentless pressure from the New Zealand dollar ever since late September. Gains in the pair over the past week have been driven by weakness in the Canadian dollar on the back of the dovish Bank of Canada rate statement and disappointing retail sales and inflation data. The cross traded to a high of 0.8966 on Friday before moderating a touch. There is little sign the uptrend has run its course yet and while the pair holds above key support, now seen around 0.8790, the risks remain skewed to the topside. The main focus this week will be on the RBNZ’s rate statement set for release on Thursday morning. Although the central bank is expected to hold off cutting interest rates at this time, it’s certainly not a forgone conclusion. As such we can expect some volatility around the announcement.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8915 0.8790 0.8970 0.8715 - 0.8965

Friday 23rd October 1:30pm(NZT)
The New Zealand dollar has continued its strong rally this week against the Canadian dollar setting fresh up-move highs near .8940. This comes amid renewed CAD selling on the back of the weaker oil prices seen again this week (WTI - 4.7%) and downgrades by the BoC to the 2016 Canadian growth forecasts, in part heavily influenced by the energy market downturn. Some resistance lies much higher near .9050, whilst first support should lie near the weekly lows at .8715. Movements in the NZDCAD will be driven by further moves in the oil price (CAD) and the RBNZ rate announcement next week, the impact of risk flow on the kiwi should also be noted.
The current interbank midrate is:    NZDCAD 0.8907

The interbank range this week has been:    NZDCAD 0.8715 - 0.8934
Tuesday 20th October 1:25pm(NZT)
The New Zealand dollar continues to remain firm against Canadian dollar although has eased a little from its .8880 highs set last week. Both currencies have benefitted from a weaker USD as the market delays expectations on the timing for a Fed rate lift-off although the kiwi has also been a benefactor of reducing RBNZ rate cut expectations. The Bank of Canada monetary policy statement on Wednesday and Canadian inflation data on Friday will help set fresh impetus for this cross, also today’s latest GDT dairy auction may impact. Current momentum remains higher for now.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8842 0.8750 0.8880 0.8623 - 0.8872

Friday 16th October 3:00pm(NZT)
The New Zealand dollar continued to rally against the Canadian dollar this week reaching highs near .8880 from lows set near .8620. Both currencies have benefitted from a weaker USD as the market delays expectations on the timing for a Fed rate lift-off. Prospects for this cross next week will likely hinge firmly on the data coming out of Canada (inflation, BoC monetary policy meeting, and the Canadian election) although the latest GDT dairy auction will also have a heavy influence. Current momentum is higher, although the kiwi’s strong rally indicates some pull-back in the near-term is likely.
The current interbank midrate is:    NZDCAD 0.8790             

The interbank range this week has been:    NZDCAD .8623 - .8872  
Tuesday 13th October 2:00pm(NZT)
The Canadian and New Zealand dollars continue to both benefit presently from firming commodity prices. The New Zealand dollar has gained against the CAD since our last report, after a weaker than expected September Canadian employment report released on Friday. The current upswing in risk appetite continues to bolster the NZD also, relative to the CAD.  Immediate minor resistance for this cross lies just above around 0.8750, and then further resistance comes in at .8830. With the data calendar light in Canada this week, expect the NZ Q3 Inflation report on Friday to help set additional impetus for this cross.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8730 0.8640 0.8750 0.8482 - 0.8747

Friday 9th October 3:00pm(NZT)
The Canadian and New Zealand dollars have both been beneficiaries of firming key commodity prices during the week (NZ, diary, Canada, oil) although the uptick in risk appetite has seen the NZD out-perform the CAD over the course of the week. Immediate minor resistance for this cross lies just above 0.8700 although a continuation of the improving dairy price/risk sentiment tailwind may see 0.8830 challenged over time. Canadian unemployment data due for release later today will set the immediate tone of trade with expectations for the September unemployment rate to improve to 6.9% (from 7.0%).
The current interbank midrate is:    NZDCAD 0.8670

The interbank range this week has been:    NZDCAD 0.8456 - 0.8688
Tuesday 6th October 2:00pm(NZT)
The Canadian dollar is one of the few currencies to have outperformed the NZD in recent days. Last week better than forecast Canadian GDP data is definitely helping as are stronger oil prices. There is some support for the pair around 0.8450 and while above that level another test toward 0.8600 can’t be ruled out. We have a dairy auction from Fonterra to digest tonight and expectations are that it could be another positive result. This has certainly helped support the NZD to a degree in recent days. Once the dairy auction is out of the way attention will turn to the Canadian trade balance, Ivey PMI, building permits, the new house price index and employment change.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8500 0.8450 0.8600 0.8433 - 0.8581

Friday 2nd October 2:00pm(NZT)
The New Zealand dollar is currently trading close to where it began the week against the Canadian dollar. We did see a period of strength mid-week helped by an improvement in NZ business confidence, which took the pair as high as 0.8581, but the CAD has gained support in recent days after better than forecast GDP data. Look for a range of 0.8400 to 0.8600 to contain trade heading into next week. Tonight’s US employment data could well influence. Next week along with Canadian employment, we have the trade balance, Ivey PMI, building permits, and the Bank of Canada business outlook survey all set for release. In NZ attention will turn to the NZIER’s quarterly survey of business opinion and the latest Fonterra dairy auction.
The current interbank midrate is:    NZDCAD 0.8478

The interbank range this week has been:    NZDCAD 0.8423 - 0.8581
Tuesday 29th Sept 3:00pm(NZT)
The broad range of 0.8300 to 0.8500 has largely contained this pair for the past month. We did see a hint of strength from the New Zealand dollar with a move to 0.8531 yesterday, but it was short lived and the pair has quickly fallen back toward 0.8450 overnight. There is minor support around 0.8400 and if the NZD can hold above there we may see another attempt back up over 0.8500 develop. Key to near term direction however will be the release of Canadian GDP data on Wednesday night. From NZ this week we just have building consents and business confidence numbers to digest.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8441 0.8300 0.8500 0.8309 - 0.8531

Friday 25th September 2:00pm(NZT)
The 0.8300 level continues to provide solid downside support for this pair, and in the past 36 hours a substantial recovery off that level has developed. This recovery has taken the cross all the way to initial resistance around 0.8500, which has so far capped the advance. The gains have come on the back of improving Fonterra pay-out forecasts, which have supported the NZD, and disappointing Canadian retail sales data, which has weighed on the CAD. If the pair can overcome 0.8500 resistance a broader recovery toward 0.8700 may well develop. Until then however, look for further ranging between the 0.8300 and 0.8500 parameters that have dominated for much of September. Next week from NZ we have building consents and business confidence data to digest. While from Canada we have the raw material price index and GDP data to draw focus.
The current interbank midrate is:    NZDCAD 0.8450

The interbank range this week has been:    NZDCAD 0.8309 - 0.8499
Tuesday 22nd Sept 2:30pm(NZT)
Price action in this pairing over the past week has been contained within the 0.8300 to 0.8500 range that has dominated since the beginning of September. We saw some volatility around Friday’s Fed announcement with the NZD initially outperforming, but in the early stages of this week a solid gain in oil prices and seen the CAD claw back any losses against the New Zealand dollar. The pair is now trading unchanged from where it was this time last week. There is little set for release from either country that is likely to see the current range tested. Retail sales from Canada will draw the most attention while from NZ we just have the trade balance of any note.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8380 0.8300 0.8500 0.8330 - 0.8471

Friday 18th September 2:50pm(NZT)
We have seen no overall direction in this pairing over the past week. The cross looks comfortable trading between support around 0.8300 and resistance toward 0.8500. Much of this week has been spend in the lower half of that range thanks to improving oil prices which have helped the Canadian dollar, and disappointing NZ GDP data which pressured he NZD. As widely expected this mornings Fed statement produced some real volatility, but once the market settled down the NZDCAD cross was largely unchanged. Look for more of the same next week when from NZ we get consumer sentiment, visitor arrivals and the trade balance. While from Canada we have wholesale sales and retail sales data along with a speech from Bank of Canada Governor Poloz to digest.
The current interbank midrate is:    NZDCAD 0.8380

The interbank range this week has been:    NZDCAD 0.8317 - 0.8435
Tuesday 15th Sept 1:30pm(NZT)
This pair traded down toward recent cycle lows in the wake of last week's BOC and RBNZ rate meetings. There was little in the way of follow through selling however, and in recent days the NZD has managed something of a bounce from the 0.8300 level. Minor resistance around 0.8400 has managed to contain this recovery so far and this keeps the risks focused on the downside side for now. A sustained break above 0.8400 would open the way for a move toward 0.8520. Key to near term direction will be the US Feds interest rate decision on Thursday morning. It’s too close to call which way the FOMC will go but we can certainly expect heightened volatility in the wake of the announcement. 0.8300 and 0.8520 provide the key support and resistance levels to watch out for.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8390 0.8300 0.8500 0.8294 - 0.8492

Friday 11th September 2:30pm(NZT)
The New Zealand dollar performed solidly throughout much of this week with gains up to just shy of 0.8500 against the CAD. That NZD strength was quickly reversed however, in the wake of yesterday’s RBNZ monetary policy statement. The 0.25% cut in interest rates was universally expected, but what did surprise was the ‘dovish’ nature of the statement that came with it. This completely undermined support for the local currency and saw the pair immediately trade down to recent lows around 0.8300. The Bank of Canada also had a rate meeting this week, but they left interest rates unchanged and were somewhat optimistic about the economy going forward. This has helped to support the Canadian dollar to a degree and as such the risks for the pair remain to the downside. We do need to see a sustained break below 0.8300 to suggest further losses are coming, and so far we haven’t seen that. While the pair holds above 0.8300 there is potential for a recovery to develop. Next week from New Zealand we have another dairy auction along with GDP data. While from Canada we have manufacturing sales and inflation data to digest.
The current interbank midrate is:    NZDCAD 0.8350

The interbank range this week has been:    NZDCAD 0.8294 - 0.8492
Tuesday 8st Sept 4:30pm(NZT)
In the past 24 hours the New Zealand dollar has traded back down to recent lows against the Canadian dollar just shy of the 0.8300 level. This latest bout of weakness was triggered by better than expected US and Canadian employment data released on Friday night. The local currency is also under pressure in the lead up to this week’s RBNZ monetary policy statement, set for release on Thursday. That statement will likely provide the main driver for the pair over the near term. A 0.25% interest rate cut is well factored into the market so the NZD will focus on the predicted path of interest rates from there. From Canada this week we also have the Bank of Canada’s rate statement to digest, although it seems likely they will continue to be optimistic about the economies prospect for the second half of this year.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8335 0.8300 0.8500 0.8307 - 0.8458

Friday 4th September 1:00pm(NZT)
A combination of soft NZ business confidence and a recovery in oil prices drove this pair down to toward recent cycle lows at 0.8313 early in the week. We have seen something of a recovery off those lows over the past few days, but the broader picture remains negative. Only a move back above 0.8500 would change that outlook. There is plenty of potential for further volatility tonight however, with key employment data set for release from both Canada and the United States. 0.8300 to 0.8500 provides the initial support and resistance levels, and that range may well contain the pair heading into next week if Canadian employment data comes in close to expectation. The focus will then quickly turn to Thursday’s RBNZ interest rate meeting with universal expectation for another 0.25% cut. From Canada next week we also have the Bank of Canada rate meeting to digest along with data on building permits.
The current interbank midrate is:    NZDCAD 0.8425

The interbank range this week has been:    NZDCAD 0.8313 - 0.8576
Tuesday 1st Sept 4:30pm(NZT)
This pair, more than any other, has seen sharp losses in the past couple of days. Very soft NZ business confidence weighed on the local currency, while at the same time the Canadian dollar has been supported by a solid bounce in the price of oil. This combination of forces has seen the pair fall around 200 points in the past 24 hours to a low of 0.8313. We may get a small bounce from current levels, particularly if tonight's dairy auction produces another solid gain in dairy prices, but the dramatic falls over the past week suggest the longer term risks remain to the downside. Still to come this week from Canada we have GDP data, the trade balance, employment change and Ivey PMI.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8365 0.8300 0.8500 0.8313 - 0.8692

Friday 28th August 3:00pm(NZT)
Volatility in oil prices and global stock markets have combined to see this pair trade a very healthy range on the week. Early strength in the cross, on the back of declining oil prices which pressured the CAD, quickly gave way to a dramatic fall as risk aversion and reduced liquidity saw some exceptional price action. Support for the New Zealand dollar evaporated for a few short minutes on Monday night, with the bid side of the market all but disappearing temporarily. The market quickly regained its composure and the cross ended up trading round 0.8600, but since then we have seen further downside pressure. In the past 24 hours a recovery in oil prices has helped the Canadian dollar and as such the pair now looks like threatening minor support around 0.8500. Next week from Canada we have GDP, the trade balance, employment change and Ivey PMI all set for release. While from NZ we have business confidence, building consents and other dairy auction to digest.
The current interbank midrate is:    NZDCAD 0.8565

The interbank range this week has been:    NZDCAD 0.8517 - 0.8831
Tuesday 25th Aug 7:30pm(NZT)
We have seen some exceptional volatility in all currencies in recent days and this pair is no different. Toward the end of last week the pair traded up over 0.8800 for a time as declining oil prices further weighed on the Canadian dollar. But with concerns around global stock markets triggering a massive ‘risk off’ drive last night, it was the New Zealand dollar that saw pressure. The cross quickly traded back down under 0.8600 in very thin market conditions. We can expect further volatility over the coming week with the risk for the time being been skewed to the downside. I would looks for a range of 0.8500 to 0.8700 to contain trade initially.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8615 0.8500 0.8700 0.8545 - 0.8831

Thursday 20th Aug 1:30pm (NZT)
We have seen the New Zealand dollar surge higher against the Canadian dollar this week driven on two fronts. The local currency has been supported by an improvement in dairy prices, while the CAD has suffered on the back of oil prices that have declined to six year lows. The pair is however still very well contained within the broad 0.8500 to 0.8700 range that has contained it for much of the past month. It would take a sustained break above 0.8700 to suggest a much broader correction higher is unfolding. Over the coming days from Canada we have wholesale sales, inflation and retail sales data to digest. Next week the raw material price index is the only release of note from Canada. While from NZ we have inflation expectations and the trade balance to digest.
The current interbank midrate is:    NZDCAD 0.8655

The interbank range this week has been:    NZDCAD 0.8517 - 0.8676
Tuesday 18th Aug 1:30pm(NZT)
The broad range of 0.8500 to 0.8700 has contained this pair for much of the past month. Although the lower regions of that range were tested on a number of occasions last week, there was little in the way of follow through selling and this has only served to reinforce 0.8500 as a support level. In the past 24 hours we have seen some relative New Zealand dollar strength, no doubt helped by expectations that tonight’s dairy auction won’t produce another big decline. This has helped the pair recover back above 0.8600. Canadian data to watch out for this week all comes on Thursday and Friday in the form of wholesale sales, inflation and retails sales. Look for another week of ranging between 0.8500 and 0.8700.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8620 0.8500 0.8700 0.8517 - 0.8626

Friday 14th Aug 1:00pm(NZT)
The start of this week saw stronger oil prices support the Canadian dollar and this helped drive the NZDCAD cross down from levels around 0.8700. Since then however, it has all been about the Chinese devaluation of the Yuan and it’s impact in the broader markets. Increased volatility has been the first, and to this date, the most major impact of the move. Both the Canadian dollar and the New Zealand dollar have seen pressure as a result of the negative impact on commodity prices the devaluation is likely to have. For the time being support around 0.8500 has contained the weakness and this may well continue to be the case, especially in light of the renewed pressure on oil prices in the past 48 hours. Look for resistance around 0.8700 to cap any periods of strength, with another week of ranging expected. Next week from NZ we have another dairy auction, producer prices and inflation expectations data. While from Canada we have wholesale sales, inflation and retail sales data to digest.
The current interbank midrate is:    NZDCAD 0.8560

The interbank range this week has been:    NZDCAD 0.8517 - 0.8709
Tuesday 11th Aug 2:30pm(NZT)
We have seen some good swings in this pair over recent days, but ultimately it has remained within the broad range of 0.8500 to 0.8700 that has contained it for the past three weeks. In fact it’s fair to say that over that time minor support around 0.8560 has, for the most part, limited the downside. The New Zealand dollar has certainly had plenty of negativity already priced into it and this was evident in the lack of follow through selling late last week. We only have retail sales data out of NZ on Friday so the market may struggle to find fresh reasons to sell the NZD ahead of that. The Canadian dollar has also been struggling recently on the back of soft oil prices, although a bounce in the price of oil in the past 24 hours has lent some support to the CAD. At this stage I favour support at 0.8560 continuing to limit the downside and we could easily see a move back up toward 0.8700. Gains over 0.8700 are still probably a step too far however, so further range trading is expected in the near term.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8615 0.8500 0.8700 0.8566 - 0.8709

Friday 7th August 11:40am (NZT)
The CAD started the weak in a somewhat vulnerable position following the weak GDP numbers from last Friday. However, this was not to last. The weaker economic news from NZ  saw the NZD under increasing pressure through the middle stages of the week, although initial support at .8575 curbed the movement in the last 24 hours. From there the focus  is provided initially by the Fonterra forecast payout announcement later on this afternoon ahead of the important Canadian employment numbers later tonight. Next week is a relatively quiet one for economic news in both economies with Canadian housing numbers on Thursday coming ahead of the Q2 NZ retail sales data on Friday. Expect the increasingly familiar recent range to continue to contain the price action in the coming week.
The current interbank midrate is:    NZDCAD 0.8585

The interbank range this week has been:    NZDCAD 0.8519 - 0.8687
Tuesday 4th Aug 1:30pm(NZT)
The Canadian dollar is one of the few currencies the New Zealand dollar has largely outperformed recently. This relative outperformance has been driven by Canadian weakness in the wake of their disappointing GDP data for May. That result caused the pair to rally back up toward 0.8700, but once again, resistance around that level managed to cap the topside. There is plenty of data out this week that could influence including a Fonterra dairy auction tonight and NZ employment data tomorrow. Later in the week from Canada we also have employment data along with building permits and the Ivey PMI. Look for support around 0.8500 to continue to contain any periods of weakness at this stage. I suspect the risks are increasing for a break above 0.8700 in light of further weakness in oil prices that will weigh on the CAD. The NZD just needs to navigate through the next 24 hours of local data.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8644 0.8500 0.8700 0.8519 - 0.8715

Friday 31st July 2:00pm(NZT)
It has been another volatile week for this pairing. Early New Zealand dollar strength drove the pair as high as 0.8715, but since then it’s been a relentless march lower. In the past 12 hours the cross has again tested minor support around 0.8560. While above that level we could easily see renewed NZD strength, but any break below 0.8560 would quickly turn the outlook negative. The deciding factor may well be the release of Canadian GDP data tonight. That release will likely dictate near term direction. From NZ next week we have another dairy auction to digest along with employment data. While from Canada we get the trade balance, building permits, employment change and the Ivey PMI.
The current interbank midrate is:    NZDCAD 0.8586

The interbank range this week has been:    NZDCAD 0.8562 - 0.8715
Tuesday 28th July 3:00pm(NZT)
The New Zealand dollar has outperformed the Canadian dollar this week. After spiking to just shy of 0.8700 in the wake of last Thursday’s RBNZ rate statement, the cross retraced all the way back to 0.8560 where it found support. From the the pair has built a base to have another crack higher and it currently trades around 0.8645. I expect to see the pair retest the 0.8700 level over the coming week. The New Zealand dollar market still feels very short (sold) and the squaring up of these positions should underpin demand for the NZD in the near term. We have a speech from RBNZ Governor Wheeler to digest tomorrow and this provides the main focus for the NZ market. From Canada this week we have the raw materials price index and then GDP data to digest.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8644 0.8560 0.8700 0.8541 - 0.8694

Friday 24th July 1:30pm(NZT)
After testing close to 0.8400 late last week, the New Zealand dollar has staged a substantial recovery against the Canadian dollar. In the past 12 hours the pair traded just shy of 0.8700. A combination of factors has driven this move. The CAD has been under pressure ever since last week’s Bank of Canada interest rate cut, and recent decline in oil prices are also weighing. While we also had an interest rate cut in NZ yesterday, this was universally expected and the NZ dollar market was full of speculative short (sold) positions. These were the perfect conditions for a short squeeze and that is exactly what we saw in the aftermath of the RBNZ announcement. The pair has now broken above 0.8600 and so far sustained the move. This turns the risks to the topside and we could easily see the cross make its way toward 0.8760 or 0.8800 over the coming weeks. Next week from NZ we only have building consents and business confidence set for release. While from Canada we have the raw material price index along with GDP data to digest.
The current interbank midrate is:    NZDCAD 0.8610

The interbank range this week has been:    NZDCAD 0.8437 - 0.8694
Tuesday 21th July 5:00pm(NZT)
The New Zealand dollar has staged a significant bounce from last week’s low of 0.8412. Comments from PM John Key gave the local currency a decent boost yesterday, in otherwise quiet trade. Both currencies are under pressure from declining commodity prices and the RBNZ are set to match the recent Bank of Canada’s interest rate cut, when they release their rate statement on Thursday morning. As such we are seeing the pair continue to trade within the broad parameters of 0.8400 to 0.8600 that has dominated trade for the most part since mid-June. Any sustained break above 0.8600 would signal a broader correct higher is unfolding that will likely target 0.8760. If 0.8600 resistance can contain the topside the pair should turn back down toward 0.8400.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8560 0.8400 0.8600 0.8412 - 0.8580

Friday 17th July 1:30pm(NZT)
This pair is one of the few New Zealand dollar crosses not to make a fresh cycle low in recent days. That is only the case because the Bank of Canada cut interest rates this week, in what was a very close decision in terms of market expectations. The interest rate cut pressured the Canadian dollar and as such the NZD has held up better against it. That being said the local currency has been under the pump this week on the back of further falls in dairy prices and softer than forecast inflation. The cross has remained trapped between the broad parameters of 0.8400 and 0.8600 and this looks set to continue into next week. The focus is now on the Reserve Bank of NZ who are widely expected to cut their cash rate next week as well. This is fully priced into the market however, and it will therefore be expectations for further cuts after this one that drives the NZD. From Canada we have inflation data tonight to draw focus then next week we get wholesale sales and retail sales data.
The current interbank midrate is:    NZDCAD 0.8460

The interbank range this week has been:    NZDCAD 0.8412 - 0.8600
Tuesday 14th July 4:00pm(NZT)
Like most NZD crosses this pair recovered off recent lows mid last week as risk aversion drove position squaring which sent the NZD higher. The pair traded at 0.8600 on Friday night, before stronger than forecast Canadian employment data saw a sharp bout of CAD appreciation. Over the next couple of days there are a number of releases that are likely to influence price action. The Bank of Canada monetary policy statement is out on Wednesday night along with another dairy auction from Fonterra. On Thursday morning we have NZ inflation data set for release. 0.8400 to 0.8600 provide the broad parameters to start the week and those levels may well contain price action in the coming days.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8520 0.8400 0.8600 0.8406 - 0.8600

Friday 10th July 3:30pm(NZT)
We have seen something of a sharp turnaround in this pair in recent days. A combination of soft Canadian data and position squaring in the New Zealand dollar has driven the move. The NZ dollar market has had record levels of short (sold) positions and these short started to square up by buying the NZD back on Wednesday night. Continued Greek concerns and collapsing Chinese stocks triggered the move to square positions up and take some risk off the table. The NZD appreciated sharply and gains have continued in the past few hours with a high of 0.8600 trading. The market is still short NZ dollars so this move could easily continue. We do however, have Canadian employment data tonight and this will be key for the Canadian dollar side of the equation. Next week from Canada we have the Bank of Canada rate meeting along with manufacturing sales data. While from NZ we have inflation data along with another dairy action to digest. If the market can make a sustained break above 0.8610 then a move toward 0.8700 could develop.
The current interbank midrate is:    NZDCAD 0.8575

The interbank range this week has been:    NZDCAD 0.8383 - 0.8600
Tuesday 7th July 2:30pm(NZT)
Although we have seen some volatility, there has been little overall direction in this pairing over the past two weeks. Both the New Zealand dollar and the Canadian dollar have been under pressure recently and as such the cross has traded sideways. In NZ it’s been soft dairy prices and declining business confidence that has done the damage, while in Canada disappointing GDP and Ivey PMI data have combined with renewed weakness in oil prices to pressure the CAD. This current period of consolidation comes with the context of the much broader downtrend that has been in play since early April. This keeps the risks for and eventual break out to the downside. Only a move above resistance around 0.8570 would bring that outlook into questions. Still to come from Canada this week we have the trade balance, building permits and employment change data to digest.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8450 0.8350 0.8550 0.8359 - 0.8513

Thursday 2nd July 2:30pm(NZT)
It has been a week of choppy price action for this pairing. Wider market risk aversion has weighed on the NZD, as has disappointing data in the form of business confidence and falling dairy prices. But the Canadian dollar has also seen periods of pressure particularly after GDP data came in well below expectation. As such we have seen some big swings in the cross between 0.8360 and 0.8520. Further volatility on the back of the Greek referendum set for Sunday is a very real risk and the market will remain nervous. Look for further volatility between 0.8350 and 0.8550.
The current interbank midrate is:    NZDCAD 0.8445

The interbank range this week has been:    NZDCAD 0.8359 - 0.8570
Tuesday 30th June 2:00pm(NZT)
We have seen some volatile trading over recent days, and the road ahead looks to be just as rough. The New Zealand dollar saw some pressure heading into the weekend on the back of a dramatic fall in the Chinese stock market. Greece then stole the headlines on Saturday after negotiations broke down and PM Tsipras called a snap referendum. That caused a wave to risk aversion to sweep the market in early trade yesterday, which pressured the NZD further. The NZD briefly traded to fresh cycle lows against the CAD at 0.8381, before staging something of a recovery overnight. The risks remain skewed to the downside with uncertainty around Greece likely to remain until at least early next week. Resistance around 0.8570 should cap any periods of strength in the pair and further test below 0.8400 can’t be ruled out. From NZ we have another Fonterra dairy auction to digest this week, while from Canada we get the latest reading of GDP on Wednesday.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8460 0.8370 0.8570 0.8381 - 0.8570

Friday 26th June 2:00pm(NZT)
Like most New Zealand dollar pairings, this cross has seen a corrective bounce in recent days after trading to fresh cycle lows earlier in the week. There are indications the market is very short (sold) NZD’s, and if that is the case, this certainly increases the risk of the move higher extending over the coming days. However, the broader trend is firmly to the downside and that would suggest resistance around 0.8730 will likely cap any potential strength. Selling ahead of that level is recommended for those looking to purchase Canadian dollars. Next week from NZ we get building consents and business confidence data along with another dairy auction from Fonterra. While from Canada we only have the raw material price index and monthly GDP figures set for release.
The current interbank midrate is:    NZDCAD 0.8500

The interbank range this week has been:    NZDCAD 0.8408 - 0.8570
Tuesday 23th June 2:30pm(NZT)
The New Zealand dollar has underperformed the Canadian dollar this past week, weighed on by softer than forecast GDP data. The pair managed to trade down to fresh cycle lows last night at 0.8408, although momentum seems to be waning and as such these recent losses were quickly reversed. This does increase the risk of a corrective bounce which could see a move back toward 0.8600 develop. The longer term trend is firmly to the downside and selling into periods of NZ dollar strength is the favoured strategy. There is very little on the economic calendar this week for the market to digest with only the trade balance from New Zealand of any note.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8462 0.8400 0.8600 0.8408 - 0.8634

Thursday 17th June 2:00pm(NZT)
The New Zealand dollar spent much of this week consolidating recent losses against the CAD, but in the past 24 hours a new downside move has developed. Better than forecast wholesales sales data from Canada last night supported the CAD, while from NZ we got some very disappointing GDP data this morning. This has pressured the NZD and seen the Canadian cross trade down toward 0.8400. This risks remain to the downside with another interest rate cut from the RBNZ next month very likely now. We get retail sales and inflation data from Canada tomorrow night, then next week from NZ we have consumer sentiment, credit card spending and trade balance data.
The current interbank midrate is:    NZDCAD 0.8435

The interbank range this week has been:    NZDCAD 0.8417 - 0.8664
Tuesday 16th June 2:30pm(NZT)
Like most New Zealand dollar crosses this pair collapsed lower last week after the RBNZ cut interest rates. Since then we have seen a consolidation of price action at these lower levels. If we happen to see any periods of relative NZD strength we can expect the pair to run into solid resistance around 0.8760. Longer term the focus remains on the downside and a move toward 0.8400. From NZ this week we have another dairy auction and GDP data to draw focus. While from Canada we get wholesale sales, inflation and retail sales numbers to digest.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8625 0.8560 0.8760 0.8570 - 0.8868

Friday 12th June 2:00pm(NZT)
After ranging quietly around the 0.8800 level for much of the past week, this pair collapsed lower in the wake of yesterday’s RBNZ decision to cut interest rates. The central bank caught many by surprise and as such the move in the currency was brutal. Against the CAD the New Zealand dollar lost around two cents in just a few seconds and we have seen very little in the way of a bounce so far. If we do happen to see any corrective bounce in the pair it will likely be capped by resistance now seen at 0.8730. For now however, the risks remain skewed to the downside and test of support around 0.8560. Next week from NZ we have another Fonterra dairy auction, along with current account and GDP data. While from Canada we get manufacturing sales, wholesale sales, inflation and retails sales data.
The current interbank midrate is:    NZDCAD 0.8628

The interbank range this week has been:    NZDCAD 0.8590 - 0.8936
Tuesday 9th June 2:00pm(NZT)
Up until Friday evening this pair was trading in a very tight range around 0.8900. The release of very strong employment data from both the US and Canada on Friday caused a sharp appreciation of the Canadian dollar which drove this pair to fresh cycle lows at 0.8745. Somewhat interestingly though, in the past 24 hours a sharp reversal has developed with the pair a good 100 points off its lows. There has been no fundamental data to drive this reversal, and as such the cross probably remains vulnerable to renewed weakness. We do however, have the Reserve Bank of New Zealand’s interest rate announcement and monetary policy statement on Thursday morning and this event will dictate near term direction. Expect plenty of volatility around the announcement with the market evenly split into ‘cut’ and ‘no cut’ camps. Still to come this week from Canada we have the new house price index and a speech from Governor Poloz to digest.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8840 0.8700 0.8900 0.8745 - 0.8937

Friday 5th June 1:00pm(NZT)
The New Zealand dollar has traded in a relatively tight range against Canadian dollar over much of this week. The pair seems comfortable trading around 0.8900 for the time being, although data over the coming days will likely see a break out in one direction or the other. Tonight from Canada we have employment data and the market is looking for a gain of 10.2k. Attention will then shift to next week's Reserve Bank of New Zealand interest rate meeting and monetary policy statement. This event provides the major risk with opinion divided on potential for an interest rate cut. If the Reserve Bank hold off, as we expect, the New Zealand dollar will likely gain ground and a test of 0.9000 will be on the cards. A cut from the RBNZ however, will likely see the pair testing levels below 0.8800. From Canada next week we also have building permits data, the new house price index and a speech from Governor Poloz to digest.
The current interbank midrate is:    NZDCAD 0.8902

The interbank range this week has been:    NZDCAD 0.8803 - 0.8935
Tuesday 2nd June 2:30pm(NZT)
The New Zealand dollar lost significant ground to the Canadian dollar last week driven by Fonterra’s announcement and a decline in NZ business confidence data. The pair traded down toward 0.8800 in the closing stages of last week, but was saved further misery by a weaker than expected Canadian GDP result. A range of 0.8800 to 0.9000 may well contain trade over the coming week and selling into the upper reaches of that range is preferred. Longer term the risks remain skewed to further declines and a test of the 2014 low at 0.8611. This week from Canada we have the trade balance, Ivey PMI and employment change numbers to digest. While from NZ the economic calendar is a little light with only another dairy auction from Fonterra to draw focus.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8905 0.8800 0.9000 0.8803 - 0.9056

Friday 29th May 2:00pm(NZT)
For much of the past week the New Zealand dollar saw gradual appreciation over the Canadian dollar. The pair traded to a high of 0.9056 yesterday morning as a New Zealand dollar short squeeze boosted the local currency in the immediate aftermath of Fonterra’s announcement. That move was driven more by market positioning and not economic fundamentals, and as such what we have seen overnight is offshore sellers of NZD’s turn back up in force. This drove the cross back to toward initial support around 0.8900. The risks remain skewed to the downside and any sustained break below 0.8900 will open the way for a test of the recent cycle low at 0.8794. From NZ next week we only have the overseas trade index and another Fonterra dairy auction of any note. While from Canada we get GDP data and then next week we have the trade balance, Ivey PMI and employment change.
The current interbank midrate is:    NZDCAD 0.8900

The interbank range this week has been:    NZDCAD 0.8875 - 0.9056
Tuesday 26th May 2:00pm(NZT)
The past week and a half has seen largely directionless trade for the pair. We did see a dip toward 0.8900 mid last week, but the New Zealand dollar managed to recover quickly and the pair traded back toward 0.9000 where is seems more comfortable. At this stage the risks look evenly balanced and near term direction may well be decided by data releases over the coming days. From NZ this week we get building consents and business confidence numbers. While from Canada we have the Bank of Canada rate statement, the raw material price index and monthly GDP data.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9005 0.8900 0.9100 0.8900 - 0.9041

Friday 22nd May 2:00pm(NZT)
Both the New Zealand dollar and the Canadian dollar have seen periods of strength this week, but the overall result is the cross currently trades close to where it opened on Monday. Stronger than forecast NZ inflations expectations data proved a boost to the local currency on Tuesday, but the gains were short lived. The pair then fell away to the week’s low of 0.8900 as the Canadian dollar gained ground on the coat tails of a broadly stronger USD. In the past 24 hours that move has reversed somewhat and the cross is now trying to rally back toward 0.9000. Near term direction will likely be driven by the release of inflation data from both Canada and the US tonight. Canada also releases retail sales data this evening and then next week we have the Bank of Canada rate meeting, current account and GDP data to digest. From NZ next week we have the trade balance, building consents and business confidence data to draw focus.
The current interbank midrate is:    NZDCAD 0.8962

The interbank range this week has been:    NZDCAD 0.8900 - 0.9041
Tuesday 19th May 1:00pm(NZT)
After a brief flurry toward 0.8800 early last week, the New Zealand dollar staged a small recovery against the Canadian dollar, and in the last few days a tight range has developed between 0.8920 and 0.9020. With the topside capped by 0.9020 the risks remain skewed to further weakness. That would change however if the market can overcome 0.9020. This would signal a broader correction toward 0.9170 was developing. We have NZ inflation expectations data out this afternoon to draw focus, with attention then turning to Fonterra’s latest dairy auction. From Canada this week we have a speech from Bank of Canada Governor Poloz tonight then later in the week we get wholesale sales, retail sales, and inflation data.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8960 0.8820 0.9020 0.8818 - 0.9034

Friday 15th May 1:30pm(NZT)
Like many New Zealand dollar pairs, this cross saw pressure in the first half of the week as the local currency got sold heavily. A bounce from recent lows then developed in the wake of the RBNZ Financial Stability Report and the recovery was boosted further by yesterday's strong NZ retails sales data. There has been little from Canada this week to drive the market although tonight we do get manufacturing sales data. We have seen a big fall in this pairing over the past month and the bounce from around 0.8800 this week may signal the start of a period of consolidation. Minor resistance around 0.9060 may well cap the pair with a range developing between that level and 0.8800 on the downside. From NZ next week we have inflation expectations data along with another dairy auction from Fonterra and the annual budget release. From Canada next week a speech from BOC Governor Poloz followed by wholesale sales, inflation, and retail sales data.
The current interbank midrate is:    NZDCAD 0.8950

The interbank range this week has been:    NZDCAD 0.8810 - 0.9080
Tuesday 12th May 1:00pm(NZT)
Weakness in the New Zealand dollar has been the driving force for this pair over the past week. The local currency has seen a sharp turnaround in sentiment with many forecasters now calling for interest rate cuts from the Reserve Bank as early as June. This has helped to drive the pair to the lowest levels seen since early December. We will hear from the RBNZ tomorrow when they release their financial stability report and this provides the immediate focus for the pair. The market is starting to look a little oversold, but that doesn’t mean we won’t see further losses. Trying to pick the bottom of a move this strong is fraught with danger and not recommended. For the time being the risks are still skewed to the downside. Also from NZ this week we have retail sales numbers to digest, while from Canada we get the new house price index, the Bank of Canada review, and manufacturing sales data.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8880 0.8800 0.9000 0.8877 - 0.9150

Friday 8th May 1:30pm(NZT)
The NZDCAD cross has seen pressure this week lead by a sharp fall in the value of the New Zealand dollar after employment data hit the wires. A stagnant unemployment rate and low wage growth were highlighted as adding weight to the chances of an interest rate cut from the RBNZ this year. On the Canadian dollar side of the equation we have seen improving oil prices and a big jump in the Ivey PMI support the CAD. The pair is currently trading close to the lows of the week and we now turn our attention to employment data from Canada tonight. The market is expecting a small fall in employment of 4.5k. Next week from NZ we have the RBNZ financial stability report, a speech from Governor Wheeler, the Business NZ manufacturing index and retails sales data. While from Canada we only have manufacturing sales data of any note.
The current interbank midrate is:    NZDCAD 0.9007

The interbank range this week has been:    NZDCAD 0.8992 - 0.9205
Tuesday 5th May 2:00pm(NZT)
This pair saw sharp losses in the wake of last Thursday’s RBNZ rate statement as the New Zealand dollar came under pressure. The pair has remained on the back foot since then thanks in part to Canadian dollar strength. A slightly better than expected result for Canadian GDP combined with improving oil prices has underpinned some CAD gains and as such the cross has recently tested support around 0.9100. Whether or not that level can contain the downside will largely depend on the outcome of data from both countries over the coming days. Tonight from NZ we have the latest Fonterra dairy auction to digest and then tomorrow we get employment data. From Canada we also have employment data set for release on Friday. Ahead of that we get the trade balance, Ivey PMI and building permits figures.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9125 0.9100 0.9300 0.9097 - 0.9308

Friday 1st May 2:45pm(NZT)
The New Zealand dollar has lost ground to the Canadian dollar this week, driven lower by the RBNZ’s rate statement released yesterday. That statement confirmed what Deputy Governor McDermott had implied the previous week when he spoke to the Waikato Chamber of Commerce. Namely that rate hikes are off the table and if anything the cash rate could go down. This slight shift in stance at the central bank undermined support for the NZD and helped to dive the NZDCAD cross down toward support around 0.9100. For the time being the risks remain skewed to further losses with an initial target of 0.9000 looking very achievable. Next week from NZ we have another dairy auction along with employment data. While from Canada we have a speech from Governor Poloz tonight, then next week we get the trade balance, Ivey PMI, building permits and employment data.
The current interbank midrate is:    NZDCAD 0.9170

The interbank range this week has been:    NZDCAD 0.9125 - 0.9308
Tuesday 28th Apr 3:30pm(NZT)
The past month has seen this pair gradually pullback from the highs of around 0.9600 that were trading at the end of March. That pullback accelerated last week driven in large part by weakness in the New Zealand dollar. Softer than forecast NZ inflation data and a somewhat ‘dovish’ speech from the RBNZ deputy governor pressured the local currency. The Canadian dollar has also benefited from a much more upbeat tone from  Bank of Canada Governor Poloz recently and this helped the pair trade down to support around 0.9160 on Friday. So far that level has contained the downside and we may well be in for a period of ranging ahead of Thursday’s RBNZ statement. From Canada this week we get the raw materials price index and GDP data to digest along with a couple of speeches from Governor Poloz.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9230 0.9100 0.9300 0.9164 - 0.9457

Friday 24th Apr 2:00pm(NZT)
After ranging sideways around the 0.9400 level in the first part of the week this pair broke sharply lower. The move was triggered by a number of factors. An upbeat speech from Bank of Canada’s Poloz, who hinted they won’t be cutting again was followed by softer than forecast NZ inflation data and a very dovish speech by the RBNZ’s McDermott. Not only did Dr John McDermott say the bank was not considering any interest rate increases, but he spent a fair amount of time talking about the potential for a rate cut. This put all sorts of pressure on an already overvalued NZD and as such the cross to the CAD collapsed down to 0.9200. Although we could easily get a bounce back toward 0.9300, I suspect the longer term risks are still to the downside. The pair could easily head back toward 0.9000 over the coming month. Next week from NZ we have the RBNZ rate statement to digest. While from Canada we only have the raw material price index and GDP data set for release.
The current interbank midrate is:    NZDCAD 0.9190

The interbank range this week has been:    NZDCAD 0.9185 - 0.9457
Tuesday 21st Apr 3:30pm(NZT)
This pair remains contained within the now well established range of 88.00 to 92.00. New Zealand dollar outperformance last week saw the pair toward the top of that range, but as has been that case since mid-February the 92.00 level was never seriously challenged and the pair has since started to pull back. I would expect to see the cross drift back toward 90.00 over the coming week. There is little to get excited about in terms of data from either country this week with the highlight being Japanese trade balance.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9372 0.9300 0.9500 0.9295 - 0.9465

Friday 17th Apr 1:00pm(NZT)
The New Zealand dollar has been outperformed by the Canadian dollar this week. Another fall in dairy prices at Fonterra’s latest auction didn’t help, but the majority of the move has come on the back of CAD strength. The Bank of Canada struck a surprisingly optimistic tone with the release of their monetary policy statement and this combined with a rebound in oil prices has lent real support to the CAD. As a result the NZDCAD cross has traded down from 0.9480 early in the week to 0.9321 in the past 24 hours. If we get a sustained move down through 0.9300 the target will then be a test of 0.9170. Tonight from Canada we get inflation and retail sales data, and the outcome of these will decide if 0.9300 can put a floor under the pair or not. Next week from Canada we only have a speech from Governor Poloz and wholesale sales set for release, while from NZ we have inflation data to digest.
The current interbank midrate is:     NZDCAD 0.9335

The interbank range this week has been:     NZDCAD 0.9321 - 0.9555
Tuesday 14th Apr 2:30pm(NZT)
The New Zealand dollar saw consistent gains against the Canadian dollar throughout much of last week, but a sharp turnaround ensued on Friday evening. This was triggered by the release of better than expected Canadian employment data which boosted demand for the CAD.  The pair then lost further ground yesterday in the wake of poor Chinese trade balance data which weighed on the NZD. This helped drive the pair down to support around 0.9360 which has so far contained the downside. Direction from here will largely depend on the outcome of a number of key releases from both countries over the coming days. From NZ we have the latest Fonterra dairy auction to digest, while from Canada we get manufacturing sales, inflation, retail sales and the Bank of Canada monetary policy report.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9395 0.9350 0.9550 0.9358 - 0.9555

Friday 10th Apr 1:45pm(NZT)
The New Zealand dollar has dramatically outperformed the Canadian dollar this week driving the cross back up over 0.9500. The CAD has struggled on the back of soft economic data which is largely a result of the rapid decline in oil prices. This week saw another business activity indicator (Ivey PMI) decline along with further evidence of weakness in the Canadian housing market. At this stage it’s hard to see what will turn the economic outlook around for Canada and as such we may well see further CAD weakness. We do have employment data tonight to add some volatility, but the market isn’t expecting a strong result. We may well see the pair test levels above 0.9600 again soon. Next week from Canada we get manufacturing sales, the Bank of Canada rate meeting, inflation and retail sales data. While from NZ we have business confidence, another Fonterra dairy auction and the Business NZ manufacturing index.
The current interbank midrate is:    NZDCAD 0.9450

The interbank range this week has been:    NZDCAD 0.9363 - 0.9531
Tuesday 31st Mar 2:30pm(NZT)
This pair has spent the last two weeks establishing an increasing comfortable .9400-.9600 range. The NZ dollar was pressured from its highs, and the resistance at .9600, after the materially weaker than expected NZ trade balance numbers. This afternoons NZ Business Confidence numbers show a continuation of the relative positivity across most sectors. The Canadian monthly GDP numbers round out the economic data focus for the week later on today. Expect the establishing range to contain price action for the week, with any level above .9500 looking to offer good value buying of CAD with NZ dollars.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9415 0.9400 0.9600 0.9437 - 0.9612

Friday 27th Mar 1:30pm(NZT)
It has been a slightly strange week for this pairing. In the absence of any Canadian economic news of note, the focus fell on the usually benign trade balance data from New Zealand on Wednesday. After starting the week in demand as the USD weakness impacted on the CAD, the pair traded a relatively small range ahead of the trade balance numbers. The weaker than expected numbers did not immediately start the NZD weakness, but it certainly impacted over the following 24 hours and saw the pair break down through the .9520 support level. This .9520 level now represents resistance, with the initial downside target coming in around the .9440-.9450 level. A break of this support would open up the way for further correction lower for this pair. Next week’s data should not be of material impact, so expect the lead to come with the wider market‘s lead and general risk appetite.
The current interbank midrate is:    NZDCAD 0.9470

The interbank range this week has been:    NZDCAD 0.9419 - 0.9617
Tuesday 24th Mar 12:30pm(NZT)
The Canadian dollar has been under pressure recently weighed on by soft economic data and a turnaround in fortunes for is closest neighbour, the USD. On the other side of the coin we have the New Zealand dollar which has been a standout performer over the past week. As a result this pair has seen significant gains and there is little sign to say the rally has run its course. Near term risks therefore remain skewed to the topside and a test of the 2014 high at 0.9653. From Canada this week we only have a speech by Governor Poloz and the annual budget release to draw focus, so volatility in the wider market will continue to play a large part in driving price action.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9595 0.9450 0.9650 0.9317 - 0.9617

Thursday 19th Mar 2:45pm(NZT)
Taking into account the volatility on other pairings, this pair has traded a relatively subdued range this week. The combination of weaker global oil and dairy prices have lower the potential impact of both moves should they have occurred in the absence of each other. It would not surprise to see the .9300-.9500 range contain the price action in the coming week, assuming the besieged US dollar does not see a resumption of the “stop loss” selling pressure seen earlier today. If this occurs the NZD would likely test resistance. Later today sees the latest inflation and retail sales data released in Canada, and this will provide a focus ahead of the weekend. Next week sees an absence in economic releases of impact in either economy, so expect the US dollar to again provide the lead.
The current interbank midrate is:    NZDCAD 0.9420

The interbank range this week has been:    NZDCAD 0.9297 - 0.9456
Tuesday 17th Mar 3:00pm(NZT)
The New Zealand dollar recovered sharply against the Canadian dollar late last week in the wake of the RBNZ’s monetary policy statement. The initial gains were driven by NZD strength, but recent appreciation has come thanks to some Canadian dollar weakness. Further declines in oil prices have again weighed on the CAD and this pressure seems unlikely to abate in the near term. We may well see the pair test recent highs around 0.9520 over the coming week. There are some key releases to digest from Canada this week. Manufacturing sales, wholesale sales, inflation, and retail sales are all set to hit the wires. While from NZ this week we have another dairy auction from Fonterra along with GDP data.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9430 0.9300 0.9500 0.9174 - 0.9456

Friday 13th Mar 12:30pm(NZT)
The New Zealand dollar saw relentless pressure from the Canadian dollar, up until the release of yesterday’s RBNZ monetary policy statement. With the central bank providing no fresh reason to sell NZD’s and a very neutral statement, the local currency snapped higher and gains continued overnight thanks to soft US data. This has seen the NZDCAD cross recover back to 0.9400. The strength of the move suggests we may well see some further appreciation over the coming week. If that is the case another test of 0.9500 seems likely. Tonight from Canada we have employment data to draw focus and next week we get manufacturing sales, wholesale sale, inflation, and retails sales data to digest. While from NZ we have another Fonterra dairy auction along with current account and GDP data.
The current interbank midrate is:    NZDCAD 0.9382

The interbank range this week has been:    NZDCAD 0.9174 - 0.9404
Tuesday 10th Mar 2:30pm(NZT)
The New Zealand dollar has been under consistent pressure from the Canadian dollar since the RBNZ announced plans last week to create a new asset class for property investing. This drove the pair down toward minor support around 0.9300 ahead of Friday’s US employment data. That better than forecast result once again saw the NZD underperform and the pair traded below support to a low so far of 0.9242. This has now significantly increased the chance of a much broader correction toward 0.9100 or lower. Key to direction this week will be the RBNZ’s monetary policy statement on Thursday, and at this stage it seems the risks for the NZD from this event are also skewed to the downside. The week is rounded out on Friday night with Canadian employment data set for release. The market is expecting a gain in employment of 21.3k with the unemployment rate dropping to 6.5%.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9262 0.9100 0.9300 0.9242 - 0.9520

Friday 6th Mar 2:00pm(NZT)
We have seen a 200 point range for this pair over the past week, and all of it has come in the last 24 hours. The New Zealand dollar saw a brief spike up to 0.9520 Canadian dollars before a sharp turnaround ensued. A combination of better Canadian GDP data, the RBNZ’s announcement re property investing, and a ‘no change’ decision from the Bank of Canada pushed the pair from the week’s highs to the week’s lows in a very short space of time. This leaves the pair looking vulnerable and we could easily see further downside price action. Key to near term direction however, will be tonight’s US employment data. Minor support around 0.9300 is the first barrier, with a break below there opening the way for a pullback as far as 0.9100. Next week from New Zealand we have the RBNZ rate meeting on Thursday to draw focus. This will be followed by the Business NZ manufacturing index on Friday. From Canada we get building permits and trade balance data tonight, then next week we have the new house price index and employment change figures.
The current interbank midrate is:    NZDCAD 0.9350

The interbank range this week has been:    NZDCAD 0.9312 - 0.9520
Tuesday 3rd Mar 2:30pm(NZT)
The New Zealand dollar has remained well supported against the Canadian dollar this week, although it has been unable to make further gains. A broad trading range of 0.9300 to 0.9500 has developed and this could well contain price action over the coming week. The main event of the week is the Bank of Canada rate decision set for release early Thursday morning. The market has scaled back expectations for another cut, although it’s certainly not out of the question. Other data from Canada this week includes GDP, Ivey PMI, building permits, and the trade balance. From NZ tonight we have another Fonterra dairy auction to digest.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9415 0.9300 0.9500 0.9338 - 0.9481

Friday 27th Feb 1:00pm(NZT)
The New Zealand dollar has made good gains against the Canadian dollar this month. The local currency managed to hold onto those gains this week despite a dip on Tuesday in the wake of declining NZ inflation expectations. The pair traded down to 0.9338 but a decent recovery developed helped by yesterday’s strong trade balance and migration data. Tonight from Canada we get inflation data and next week we have GDP, the BOC rate meeting, Ivey PMI, building permits and the trade balance. From NZ next week we just have another Fonterra dairy auction to digest. For now the risks remain skewed to the topside, although resistance around 0.9500 might prove too tough to overcome.
The current interbank midrate is:    NZDCAD 0.9433

The interbank range this week has been:    NZDCAD 0.9338 - 0.9491
Tuesday 24th Feb 2:30pm(NZT)
It has been a week of grinding appreciation for the New Zealand dollar over its Canadian counterpart, in a continuation of the move that began at the start of February. Mixed data from Canada has only served to reinforce expectations that we will see another interest rate cut from the Bank of Canada when they meet in March. This is keeping pressure on the Canadian dollar and it is unlikely a speech from Governor Poloz tomorrow or inflation data on Friday will alter that. Initial support comes in around 0.9400 and while the pair holds above that level the risk remain skewed to further gains. From New Zealand this week we get a speech from Governor Wheeler along with the trade balance, building consents, and business confidence data.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9468 0.9400 0.9600 0.9318 - 0.9491

Thursday 19th Feb 2:30pm(NZT)
The New Zealand dollar has continued to gain ground against the CAD this week boosted by strong retail sales and a further improvement in dairy prices. Canada has also seen positive data with wholesale sales figures printing much better than expected. But the CAD has also been weighed on by a weaker USD in the wake of this morning’s Fed minutes and as such the NZDCAD cross is now trading around 0.9400. With momentum firmly to the topside at the moment, we should see a test of levels above 0.9400, although gains should prove a lot more difficult from here. The downside is now protected by minor support around 0.9300. The focus now shifts to NZ data next week in the form of inflation expectations, the trade balance, building consents, and business confidence. While from Canada next week we only have inflation data set for release on Friday.
The current interbank midrate is:    NZDCAD 0.9405

The interbank range this week has been:    NZDCAD 0.9220 - 0.9401
Tuesday 17th Feb 3:30pm(NZT)
The New Zealand dollar has made some gains against the Canadian dollar this week helped by strong NZ retails sales data. However, the pair does seem entrenched in the current 0.9200 to 0.9400 range and I expect that to continue over the coming week. Good manufacturing sales data from Canada and small recovery in oil prices has lent some recent support to the CAD and these factors should make resistance around 0.9400, a formidable barrier for the pair. Still to come this week from NZ we have the latest dairy auction from Fonterra along with the producer prices index. While from Canada we get wholesale sales and retail sales figures, both of which will be closely watched.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9360 0.9200 0.9400 0.9220 - 0.9372

Friday 13th Feb 2:30pm(NZT)
We have continued to see some choppy price action in this pair, but again there is little in the way of overall direction. The New Zealand dollar outperformed the CAD through the middle part of the week with the cross trading above 0.9300 for a time, but the past 24 hours has seen a move back to more comfortable levels sub 0.9300. There was no major data of significance released from either country this week and this has contributed to the largely sideways price action. New week from New Zealand we have another dairy auction from Fonterra to digest along with the latest NZ retail sales data. While from Canada we get manufacturing sales data tonight, then next week we have wholesale sales, and retail sales figures to digest.
The current interbank midrate is:    NZDCAD 0.9295

The interbank range this week has been:    NZDCAD 0.9120 - 0.9363
Monday 9th Feb 4:00pm(NZT)
Volatile sideways trading with little overall direction has been a key feature of this pair for the past four weeks. Mixed data from Canada last week only served to reinforce the current choppy conditions and there is little to suggest the coming week will be any different. From New Zealand we only have the Business NZ Manufacturing Index set for release on Thursday. While from Canada we have the new house price index and manufacturing sales data, both due out toward the end of the week. Resistance around 0.9300 provides the immediate topside barrier, while on the downside any dips below 0.9100 will attract buying interest.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9200 0.9100 0.9300 0.9035 - 0.9298

Thursday 5th Feb 2:30pm(NZT)
Both the New Zealand dollar and the Canadian dollar have seen volatile trading this week. The Reserve Bank of Australia’s rate cut weighed on the NZD for a time, but the local currency has recovered nicely thanks in large part to a couple of positive economic releases. Fonterra’s latest dairy auction saw prices rise healthily and yesterday we also saw encouraging employment numbers from NZ. The CAD has struggled under the weight of soft Ivey PMI data and some concerning house sales figures. The outlook for the coming week is for further volatile trading between the broad parameters of 0.9100 and 0.9300. Still to come this week from Canada we have the trade balance, building permits and employment change data to digest.
The current interbank midrate is:    NZDCAD 0.9260

The interbank range this week has been:    NZDCAD 0.9035 - 0.9298
Tuesday 3rd Feb 4:00pm(NZT)
Both the New Zealand dollar and the Canadian dollar have been struggling recently, seeing significant selling pressure at times. The result for the cross rate has been choppy sideways price action, but with little overall direction. This has actually been the case since the beginning of October last year with 0.9100 to 0.9400 largely containing price action for the past four months. At this stage there is nothing to suggest that will change in the near term. Dips toward 0.9100 should continue to find support and buying into that weakness is the favoured strategy. Tomorrow from Canada we get Ivey PMI, then later in the week the trade balance, building permits and employment change are all set to hit the wires. While from NZ this week we have Fonterra’s latest dairy auction, employment data and a speech from Governor Wheeler to digest.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9190 0.9100 0.9400 0.9107 - 0.9324

Friday 30th Jan 2:00pm(NZT)
Commodity currencies in general have been under the pump lately and as such both the New Zealand dollar and the Canadian dollar have seen periods of pressure. The defining price action of this week came yesterday morning in the wake of the RBNZ rate statement. The central banks move to a neutral stance gave the green light to sellers of the local currency and this drove the cross to the CAD down towards 0.9100. Topside resistance is now seen around 0.9200 and this has capped the pair on a couple of occasions since. Expect further volatile trading in the near term and in this environment caution is advised. This pair is now trading significantly lower than where it was before the Bank of Canada surprised everyone with a rate cut on last week. From Canada tonight we have GDP data then next week the focus will shift to Ivey PMI, the trade balance, building permits and employment change. From NZ next week we also have employment data along with the latest dairy auction.
The current interbank midrate is:    NZDCAD 0.9182

The interbank range this week has been:    NZDCAD 0.9107 - 0.9324
Tuesday 27th Jan 4:30pm(NZT)
Both the New Zealand dollar and the Canadian dollar have been under pressure recently resulting in some choppy price action. The surprise rate cut from the BOC last Thursday saw the pair spike higher, but since then the NZD has underperformed and the cross has ground its way back to where it was before the cut. Looking at the bigger picture the broad range of 0.9200 to 0.9400 that has contained price action since the beginning of the year still remains in play. However, we do have the RBNZ rate statement on Thursday morning and this event will likely determine the near term direction. The only data from Canada this week is GDP on Friday, but as it’s a monthly number its impact will be muted.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9275 0.9200 0.9400 0.9198 - 0.9423

Friday 23th Jan 2:00pm(NZT)
We have seen some very choppy price action in this pair over the past week. Both currencies have seen periods of pressure and as a result we have had plenty of volatility, but little overall direction. The New Zealand dollar has been weighed on by softer than forecast NZ inflation data and a growing realization that the RBNZ are likely to be on hold well into next year. This saw the pair trade down toward 0.9230 ahead of the Bank of Canada rate decision on Thursday morning. That surprise decision from the BOC to cut rates quickly saw the pair spike up toward 0.9430, although the cross has moderated significantly since then. Further choppy trading between the broad parameters of 0.9200 and 0.9400 looks likely with a slight bias toward the topside in the near term. Tonight from Canada we get the latest readings on inflation and retail sales which will both be closely watched. The focus will then turn to the RBNZ official cash rate review on Thursday next week.
The current interbank midrate is:    NZDCAD 0.9302

The interbank range this week has been:    NZDCAD 0.9229 - 0.9428
Tuesday 20th Jan 3:30pm(NZT)
The past few weeks have seen the New Zealand dollar make significant gains against the CAD. This move has been driven in large part by weakness in the Canadian dollar that has continued to suffer at the hands of weak oil prices. A rash of softer than expected data from Canada also didn’t help and as a result the NZDCAD cross traded all the way up to 0.9403 late last week. The cross has moderated since then back under 0.9300 and we could easily see it fall further to key support around 0.9200. A move below 0.9200 would turn the outlook somewhat negative, but until then potential for further gains exists. Tonight’s dairy auction from Fonterra will draw focus locally, as will tomorrow’s NZ inflation data. Canada has a big week for data with manufacturing sales, wholesale sales, the Bank of Canada rate statement, inflation and retails sales are all set for release.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9300 0.9200 0.9400 0.9207 - 0.9403

Friday 19th Dec 1:00pm(NZT)
The past week has seen largely sideways trading for this pair with little in the way of overall direction. The cross did see a notable spike up to 0.9149 in the wake of Fonterra’s latest dairy auction, with prices increasing 2.4%, but this move was short lived. Weak crude oil prices has seen the Canadian dollar under pressure in general recently and as such if there is any recovery in the price of oil over the coming weeks this will translate into a stronger CAD. The thin market conditions of the holiday period mean we could easily see some exaggerated moves in all currency pairs and the NZDCAD is no exception. Support is seen around 0.8750 while topside resistance comes in around 0.9150. Tonight from Canada we get inflation and retail sales data and next week we have GDP numbers to digest.
The current interbank midrate is:    NZDCAD 0.8995

The interbank range this week has been:    NZDCAD 0.8940 - 0.9149
Tuesday 16th Dec 4:00pm(NZT)
This pair remains elevated after jumping higher in the wake of last Thursday’s hawkish RBNZ monetary policy statement. The Canadian dollar has continued to suffer on the back of declining oil prices and this is the reason the cross remains high, while most other NZD pairs have seen a pullback of sorts. There is talk however, of some possible M&A activity which could support the CAD over the coming days. Resistance comes in around 0.9050 and while below there the risks are skewed to a pullback toward 0.8900. Over the coming days from NZ we have another dairy auction to digest along with GDP data. While from Canada we still have a number of key releases to come with manufacturing sales, wholesale sales, inflation and retails sales all set to hit the wires ahead of the weekend.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9020 0.8750 0.9050 0.8749 - 0.9047

Thursday 11th Dec 4:00pm(NZT)
It is going to be a very interesting next week or so for this pair. Up until today’s RBNZ Monetary Policy Statement the pair was just edging around within a contained range, with very little in terms of recent direction to speak of. Then came the “hawkish” RBNZ statement and the increased demand for the NZD pushed the pair right to the top of the recent trading range around .9000. This is the key level in the short term. If the pair consolidates through that level, then further NZD gains can be expected, and inspection of the resistance at .9100 would not surprise. Next week in Canada we have the latest manufacturing, wholesale sales, inflation and retail sales data. In NZ the latest Fonterra auction results on Wednesday come ahead of the 3rd quarter GDP data on Thursday
The current interbank midrate is:    NZDCAD 0.8972

The interbank range this week has been:    NZDCAD 0.8730 - 0.8985
Tuesday 9th Dec 3:30pm(NZT)
It was a mixed week for this pair, albeit within a wider environment that saw the NZ dollar underperforming. The initial break of the .8800 support level proved crucial as the one attempt to recover through that level was short lived. The support at .8700 looks to be the most vulnerable in the current market, with the lower than expected jobs growth on Friday in Canada on able to offer partial relief. This week the RBNZ Monetary Policy Statement provides the lead for domestic NZ. In Canada, the building approval numbers later today come ahead of a speech by BOC Governor Poloz.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8770 0.8700 0.8900 0.8730 - 0.8936

Thursday 4th Dec 3:30pm(NZT)
After having an initial test of the resistance level at .9000 to start the week, this pair turned around and the Canadian dollar exerted a fair amount of pressure on the NZ dollar. The dairy auction results facilitated the NZD vulnerability, as well as the tone being set by soft Australian GDP data. The pair is still stuck in the very familiar wider trading band of .8700 -.9000 that has covered trading in the last three months or so. The pair looks to have established an extreme cap to the upside at .9000, with initial resistance now coming in at .8900. To finish the week’s focus the Canadian manufacturing, trade balance and employment numbers due over the next 24 hours. The RBNZ monetary policy statement next week provides the primary focus for the pair with only second tier data due from Canada.
The current interbank midrate is:    NZDCAD 0.8800

The interbank range this week has been:    NZDCAD 0.8795 - 0.8990
Tuesday 2nd Dec 1:30pm(NZT)
The past week saw gains in this pair up toward the 0.9000 level. These gains were driven by declining oil prices that weighed heavily on the Canadian dollar even though a number of other Canadian economic releases have come in on the strong side. In the past 24 hours however, we have seen something of a turnaround in oil and the CAD. The NZDCAD cross has now dropped sharply from its highs and the risks remain skewed to this pullback extending further to the downside. A test of 0.8800 could easily unfold over the coming days. Tonight we have the latest dairy auction from Fonterra to digest and then later in the week there is a rash of key Canadian releases scheduled. These include the Bank of Canada (BOC) rate statement, Ivey PMI, employment change and the trade balance.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8905 0.8800 0.9000 0.8762 - 0.8990

Friday 28th Nov 1:00pm(NZT)
The New Zealand dollar lost ground to the Canadian dollar in the early stages of the week on the back of declining NZ inflation expectations and better than forecast retails sales numbers from Canada. The pair traded down to 0.8762 before staging a strong recovery. This recovery was helped by further declines in oil prices which have undermined support for the CAD. Like many NZD crosses, the broader picture over the past couple of months is one of sideways range trading. At this point I see nothing to suggest a change to that. This means 0.8700 to 0.9000 will probably contain price action heading into years end. From NZ next week, we have the overseas trade index and Fonterra’s latest dairy auction to draw focus. While from Canada we have the Bank of Canada rate statement, Ivey PMI, employment change and the trade balance all set for release.
The current interbank midrate is:    NZDCAD 0.8915

The interbank range this week has been:    NZDCAD 0.8762 - 0.8961
Tuesday 25th Nov 3:30pm(NZT)
The Canadian dollar continues to stage something of a recovery against the New Zealand dollar after briefly trading up over 0.9000 this time last week. Better than forecast data out of Canada has driven the move, along with a slightly weaker NZD thanks in part to a further fall in dairy prices. The risks remain skewed to the downside and a test of the 0.8800 level is expected over the coming week. Still to come this week from NZ we have the trade balance, building consents and business confidence numbers. While from Canada get data this week in the form of retail sales and GDP, along with the current account and raw materials price index.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8860 0.8800 0.9000 0.8838 - 0.9011

Friday 21st Nov 1:30pm(NZT)
The New Zealand dollar has lost ground to the Canadian dollar this week thanks in large part to a further decline in dairy prices at Fonterra’s latest auction. That result took the wind out of the NZD’s sales after earlier been buoyed by better than expected retail sales. The pair briefly traded up over 0.9000 before staging a significant pullback which now sees the cross below 0.8900. The Canadian dollar itself has found support from better than forecast wholesales sales data and tonight we get Canadian inflation numbers. If minor support around 0.8880 gives way the pair will likely fall to 0.8840 or even 0.8800. Next week from NZ we have inflation expectations, the trade balance, building consents and business confidence data to digest. While in Canada the focus turns to retail sales and GDP data.
The current interbank midrate is:    NZDCAD 0.8894

The interbank range this week has been:    NZDCAD 0.8875 - 0.9011
Tuesday 18th Nov 3:00pm(NZT)
This pair saw solid gains last week as the New Zealand dollar completely outperformed its Canadian counterpart. We did get a quick dip to 0.8900 on Friday evening after better than expected manufacturing sales data came out of Canada, but it was short lived and the pair made further gains in the early stages of this week on the back of solid NZ retail sales data. Levels around 0.9000 provide the initial resistance and it may be a step too far for the pair to overcome that in the near term. Support is seen toward 0.8900 and a pullback toward there is a very real risk over the coming days. From New Zealand this week we have the Fonterra dairy auction and producer prices data to digest. While from Canada we have to wait until Friday to get wholesale sales and inflation data.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8960 0.8800 0.9000 0.8788 - 0.8989

Friday 14th Nov 1:30pm(NZT)
Some relative strength in the New Zealand dollar has driven gains in this pair over the second half of this week. There has been nothing fundamental you could point the finger at that has driven these NZD gains, and it is starting to look like momentum is waning. New that the Keystone XL pipeline is going ahead is a positive for Canada and this should help support the CAD do a degree. Tonight’s manufacturing sales will be closely watched and next week from Canada we get wholesale sales and inflation data. While from NZ we have retail sales, producer prices, and the latest Fonterra dairy auction to digest. Minor support is seen around 0.8900 and I expect that could be tested in the coming days. Resistance on the topside just over 0.9000 should cap any near term gains.
The current interbank midrate is:    NZDCAD 0.8960

The interbank range this week has been:    NZDCAD 0.8740 - 0.8980
Tuesday 11th Nov 2:00pm(NZT)
The New Zealand dollar rallied up toward 0.8940 mid last week against the CAD, helped by stronger than expected NZ employment data. Since then however, a raft of better than forecast Canadian releases have seen the CAD regain much of the lost ground. Friday’s much better than expected Canadian employment data was the latest release to support the CAD and this saw the pair briefly trade down to 0.8740, before bouncing a touch. With no overall direction for the time being, we are likely to see a further period of ranging between the parameters 0.8740 and 0.8940. The RBNZ’s Financial Stability Report will draw focus tomorrow as will comments from Governor Wheeler when he testifies in front of a parliamentary committee. While from Canada we only have the new house price index and manufacturing sales to draw attention.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8816 0.8740 0.8940 0.8740 - 0.8938

Friday 7th Nov 1:30pm(NZT)
It has been a week of two halves for this pair with substantial gains in the first half of the week quickly reversed in the last couple of days. The New Zealand dollar was certainly helped by strong employment data on Wednesday morning, but this didn’t last as the Canadian dollar rode the coat tails of a very strong USD and completely outperformed the NZD over the past 48 hours. Direction from here is a tough call with both Canadian and US employment data set for release tonight. The risks are skewed to further CAD outperformance with US employment expected to show very strong growth. Next week from NZ we have the RBNZ’s financial stability report and the Business NZ manufacturing index to draw focus. While from Canada we have housing starts, the new house price index and manufacturing sales data.
The current interbank midrate is:    NZDCAD 0.8790

The interbank range this week has been:    NZDCAD 0.8719 - 0.8938
Tuesday 4th Nov 2:30pm(NZT)
Price action in this pair over the past week has been dominated by the reaction of the NZD to last Thursday’s Fed and RBNZ rate statements. The local currency lost significant ground to the Canadian dollar in the wake of those releases trading down to support around 0.8700 before staging a mild recovery. That recovery peaked around 0.8840 on Friday night after disappointing Canadian GDP caused a spike in the pair. Since then however, the pair has come under further pressure and the risks remain skewed to the downside. If support around 0.8700 is broken the target will be a test of recent cycle lows at 0.8612. From New Zealand this week we have employment data and the latest dairy auction to digest, while from Canada we get the trade balance, building permits, Ivey PMI and employment change.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8782 0.8700 0.8900 0.8703 - 0.8915

Thursday 30th Oct 3:30PM (NZT)
After making minor gains against the CAD in the early stages of this week the New Zealand dollar has seen sharp depreciation in the past 12 hours. The trigger for the move was a somewhat more positive tone from the US Federal Reserve in their rate statement released early this morning. The USD rallied strongly and this also supported the CAD to a degree. The NZD dramatically underperformed most other currencies and further pressure was heaped on the local currency a couple of hours later after the RBNZ seemed to confirm market expectations that they are on hold until late next year. The NZD fell a little under 2 cents to the Canadian dollar since early this morning and further investigations lower seem likely. The current target is a test of recent cycle lows of 0.8613 and we could easily see that in the coming days. Next week from NZ we have another global dairy auction from Fonterra, along with the latest employment numbers. While from Canada we get GDP data tomorrow followed by the trade balance, building permits, Ivey PMI and employment change data next week.
The current interbank midrate is:    NZDCAD 0.8725

The interbank range this week has been:    NZDCAD 0.8704 - 0.8915
Tuesday 28th Oct 2:30pm(NZT)
The Canadian dollar put pressure on the NZ dollar for sustained periods at times over the last week. The materially lower than expected NZ inflation number immediately saw the NZD under pressure and this was accentuated by the BOC monetary policy statement. The RBNZ monetary policy announcement on Thursday offers the primary focus ahead of the Canadian GDP number late Friday. Expect the .8800 - .9000 range to contain the price for the remainder of the week. Buying Canadian dollars with NZD up towards .9000 should prove to have offered good value over time.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8873 0.8800 0.9000 0.8768 - 0.9042

Thursday 23th Oct 3:30PM (NZT)
We have seen some significant moves in this pair over the past week. The Canadian dollar saw some pressure when headline retail sales data printed much worse than expected at -0.3%, and this drove the pair to its 0.9042 high. But the CAD quickly recovered as the detail of the report took much of the sting out of the headline number. That CAD recovery continued last night after the BOC dropped the “neutral” terminology from its rate statement, even though this doesn't actually signal a change in policy stance. The pair was trading just above 0.8900 this morning when weaker NZ inflation data hit the wires. This saw the NZD immediately under pressure and the pair has now dropped to 0.8830. I expect to see further downside investigations over the coming days, especially if minor support around 0.8815 is broken. In that case a much broader pullback toward 0.8700 could unfold. Next week from NZ we have business confidence, building permits and the RBNZ rate statement to digest. While from Canada the economic calendar is looking very light with just the raw materials price index and GDP set for release.
The current interbank midrate is:    NZDCAD 0.8830

The interbank range this week has been:    NZDCAD 0.8822 - 0.9042
Monday 20th Oct 3:30PM (NZT)
After breaking the initial resistance at .8820 early last week, this pair saw the NZ dollar outperform strongly as the wild ride played out through the belly of last week. After touching the resistance at .9000, more ordered trading followed. Current levels look to offer reasonably fair value in the current environment. A Canadian focus starts the week, with Wholesale Sales later on today, and the Retail Sales and BOC monetary policy announcement on Wednesday. In NZ the quarterly inflation number on Thursday offers the primary focus. Barring another explosion of volatility like last week, the .8850 -.9050 band seems likely to contact the price action for this week.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8960 0.8850 0.9050 0.8798 - 0.9006

Friday 17th Oct 2:30PM (NZT)
The Canadian dollar has struggled this week pressured by declining oil prices and weaker than forecast manufacturing sales data. Add to this the relative outperformance of the New Zealand dollar during Wednesday’s night’s financial market volatility and the cross has made solid gains. The pair rallied up through 0.8900 and briefly traded over 0.9000 before a correction lower ensued. I would expect 0.9000 to continue to provide a formidable barrier on the topside and a period of consolidation seems likely with the pair now having rallied sharply from 0.8700. Next week in New Zealand the focus turns to inflation data and the trade balance. While from Canada we have wholesale sales, retail sales and the Bank of Canada rate statement set for release.
The current interbank midrate is:    NZDCAD 0.8945

The interbank range this week has been:    NZDCAD 0.8717 - 0.9006
Tuesday 14th Oct 2:30PM (NZT)
The Canadian economy has seen some very supportive data recently, but somewhat surprisingly it has failed to help the Canadian dollar. Employment numbers released on Friday night we’re much better than forecast yet the resulting gains in the CAD were very short lived. Price action like this is a warning sign and we could well see the New Zealand dollar make further gains against the CAD over the coming week. The initial target would be a test of 0.8900. The key release from NZ this week comes in the form of Fonterra’s latest dairy auction on Wednesday night. While from Canada we have manufacturing sales and inflation data to digest toward the end of the week.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8810 0.8700 0.8900 0.8707 - 0.8850

Friday 10th Oct 2:30PM (NZT)
The past week has seen a further period of consolidation in this pairing with trade largely contained between 0.8700 and 0.8830. Canada’s better than expected Ivey PMI data did see the bottom of that range come under pressure mid-week, but the New Zealand dollar managed to significantly outperform the CAD yesterday morning in the wake of the Fed minutes release. There is potential for a move as high as 0.9000 before the pair runs into solid resistance. Selling ahead of that level is recommended for those looking to purchase Canadian dollars. The longer term trend is down and once this period of consolidation has run its course another test of 0.8600 seems likely. That however, could be some weeks away. Next week is another quiet one for NZ data with just the business NZ manufacturing index and another Global Dairy Trade auction from Fonterra set for release. While from Canada we have manufacturing sales and inflation data to digest out on Thursday and Friday respectively.
The current interbank midrate is:    NZDCAD 0.8785

The interbank range this week has been:    NZDCAD 0.8689 - 0.8838
Tuesday 7th Oct 2:30PM (NZT)
After trading to a fresh cycle low against the Canadian dollar early last week, the New Zealand dollar has seen something of a recovery over the past seven days. The bounce was helped by a sharp short squeeze in the NZD on Thursday which briefly saw levels over 0.8820 trade. Friday’s strong US employment data helped the CAD however, and the cross has moderated back to the 0.8730 level. Although the longer term trend is still to the downside, a bounce as high as 0.8950 can’t be ruled out and selling into that potential strength is recommended for those looking to buy Canadian dollars. There is little in the way of economic data this week from NZ, so the focus will turn to Canadian data in the form of building permits, housing starts, and employment change.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8722 0.8650 0.8850 0.8646 - 0.8829

Friday 3rd Oct 3:30PM (NZT)
The week started with a snap lower for this pair as news of RBNZ currency intervention in August hit the wires. The pair traded to fresh cycle low of 0.8619 before staging what has turned out to be a substantial recovery. Disappointing Canadian GDP data on Tuesday helped the pair bounce from its lows but the real gains have come on the back of a short squeeze in the New Zealand dollar yesterday. For now gains have stalled just above 0.8800, but there is potential for a move as high as 0.8900. I would expect that level to cap the topside in this period of strength and selling ahead of there is recommended for those looking to purchase Canadian dollars. Tonight from Canada we get trade balance data and next week we have Ivey PMI, building permits, and employment numbers to digest. From NZ next week we just have the quarterly NZIER business confidence reading on Tuesday to digest.
The current interbank midrate is:    NZDCAD 0.8812

The interbank range this week has been:    NZDCAD 0.8619 - 0.8835
Tuesday 30th Sept 12:00PM (NZT)
This pair has been in a significant down trend since peaking at 0.9480 back in mid-July. That down trend accelerated this week thanks to dramatic losses in the value of the New Zealand dollar. These losses came on the back of two key releases from the RBNZ. The first was a press release on Thursday that did a great job of talking the currency down. Then yesterday it was revealed that the central bank actually intervened in August by selling NZ$ 521 million. This spooked the market and saw the NZD spiral lower again. Trying to call a bottom to a move this strong is fraught with danger. So far support around 0.8600 seems to have contained it, but a move below there will target 0.8400. Look for resistance around 0.8780 to cap any potential strength in the near term. From NZ this week we have the latest Fonterra dairy auction to draw focus. While from Canada the economic calendar is pretty light again this week with just GDP tomorrow and the trade balance on Friday.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8672 0.8600 0.8780 0.8619 - 0.8976

Friday 26th Sept 3:30PM (NZT)
This pair had seen largely sideways action up until yesterday afternoon. Weakness in the New Zealand dollar was for the most part being matched by the Canadian dollar that was under pressure after poor retails sales data. But that all changed after the RBNZ released their statement on the NZD yesterday. They did a textbook job of ‘jawboning’ the currency lower as the market then pushed the NZD below key support levels on a number of crosses. The selling pressure continued in the offshore trading session with a low against the CAD of 0.8788 trading last night. We have seen a small bounce from there, but all the risks still remain to the downside. Resistance now seen around 0.8900 should contain any period of strength. At move down through 0.8770 will open the way for a test of 0.8600. From NZ next week we have building consents and business confidence data to digest. While from Canada we have GDP and the trade balance to draw focus.
The current interbank midrate is:    NZDCAD 0.8805

The interbank range this week has been:    NZDCAD 0.8788 - 0.8976
Tuesday 23rd Sept 4:00PM (NZT)
The Canadian dollar was a strong performer last week helped by largely supportive data. Of particular note were the strong readings from manufacturing sales and inflation figures and these helped the CAD continue to outperform the New Zealand dollar. The pair traded down to a low of 0.8886 heading into the weekend and the NZ general election. The outcome of that election gave the NZD a small boost in the early stages of this week and this has combined with some ‘dovish’ comments from the BOC deputy last night to see the cross recover back up toward 0.8980. The pair could trade as high as 0.9050 without threatening the broader downtrend that has been in play for much of the past five weeks. There is little in the way of data from NZ this week with only the trade balance out tomorrow. Things don’t look much better from Canada with only retail sales tonight of any note.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8955 0.8850 0.9050 0.8886 - 0.9053

Friday 19th Sept 2:00PM (NZT)
The Canadian dollar has been a solid performer recently and this week was no exception. Better than expected data in the form of manufacturing sales and a positive tone from the Bank of Canada Governor both helped to support the CAD which has seen a strong trend of appreciation against the New Zealand dollar since mid-July. Support at 0.8850 and then 0.8780 provide the current downside targets for the pair. Tonight we have Canadian inflation and wholesale sale data to digest, both of which could easily influence. Next week the focus switches to Canadian retail sales along with consumer sentiment and the trade balance from New Zealand.
The current interbank midrate is:    NZDCAD 0.8915

The interbank range this week has been:    NZDCAD 0.8894 - 0.9055
Tuesday 16th Sept 3:00PM (NZT)
Weakness in the New Zealand dollar over the past seven days has been the main driver for this pair. The cross traded down to a low of 0.8958 in the aftermath of last Thursday’s RBNZ monetary policy statement thanks to some strong language from the central bank re the value of the NZD. Since then we have seen a bounce in the pair helped by softer than expected readings from Canadian housing starts and the house price index. Key to near term direction will be tonight’s dairy auction and then later in the week from NZ we get current account and GDP data. Canada also has plenty of data out this week, starting with manufacturing sales tonight. Governor Poloz is also set to speak and then toward the end of the week inflation data and wholesale sales figures are set for release. Expect a range over the coming week of between 0.8950 and 0.9150 with those two levels providing key support and resistance.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9040 0.8950 0.9150 0.8958 - 0.9095

Friday 12th Sept 2:00PM (NZT)
It has been an interesting week for this pair. The NZ dollar came under increasing pressure in the middle of the week with the CAD outperforming by around 1.5% in a short period. However, the support at .8950 proved a step too far and a nice bounce from the NZ dollar has ensued. For the time being the resistance at .9050 has contained the corrective rally, as focus now turns to the economic news due for release next week. In Canada we have manufacturing, inflation and wholesale sales data. In New Zealand the primary focus comes in the form of the important Q2 GDP numbers on Thursday and the latest dairy auction results will also be closely watched.
The current interbank midrate is:    NZDCAD 0.9024

The interbank range this week has been:    NZDCAD 0.8958 - 0.9095
Tuesday 9th Sept 2:00PM (NZT)
This pair has seen relatively contained price action over the last week. The NZD saw continued pressure following the further collapse of the dairy auction prices last week. However the support at .9000 contained the rot and a nice bounce has ensued. Friday’s weak Canadian data saw a jump back from the NZD, and we currently sit around similar levels as this time last week. It seems that the easy ground has now been given up by the NZD and consolidation through that .9000 level could prove hard fought. The main focus for the week will be the RBNZ monetary policy announcement on Thursday.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9083 0.9000 0.9200 0.9005 - 0.9122

Friday 5th Sept 2:30PM (NZT)
The New Zealand dollar has continued to lose ground to the CAD this week. Another decline in dairy prices pressured the NZD early on, while the Canadian dollar has benefited from strong trade balance data and a more optimistic tone from the Bank of Canada. Further key Canadian data is set to hit the wires tonight in the form of employment change and Ivey PMI. Strong results from this data will likely drive the pair down below 0.9000. We have the RBNZ rate meeting next week to draw focus while from Canada we get building permits and housing starts figures.
The current interbank midrate is:    NZDCAD 0.9018

The interbank range this week has been:    NZDCAD 0.9011 - 0.9123
Tuesday 2nd Sept 2:00PM (NZT)
The Canadian dollar has outperformed the New Zealand dollar recently and Friday night’s better than expected Canadian GDP data helped to dive the cross to a cycle low of 0.9071. A minor recover from there has so far stalled ahead of initial resistance at 0.9120. This keeps the focus on the downside for now, although near term direction will likely be driven by results from tonight’s global dairy auction. The NZD will not want to see further declines in dairy prices after the previous auction a fortnight ago hinted at some stabilization. This week is also a big one for Canadian data with the Bank of Canada rate statement on Wednesday followed by the trade balance, employment change and Ivey PMI later in the week.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9113 0.9000 0.9200 0.9071 - 0.9161

Friday 29th Aug 1:30PM (NZT)
The New Zealand dollar has seen relentless pressure from the CAD this week. Canadian dollar strength has combined with early NZ weakness to see the cross lose significant ground. There has been little in the way of fundamental news to drive either currency but that hasn’t stopped the pair declining from 0.9220 to a low so far of 0.9071. It certainly seems the move below technical support around 0.9170 helped to push the cross lower and the lack of any significant bounce keeps the focus on the downside for now. A test toward 0.9000 could easily been seen over the coming week. From Canada we get GDP data tonight, and next week we have the Bank of Canada rate statement along with the trade balance, employment change and Ivey PMI data. While from NZ there is only the overseas trade index to draw focus.
The current interbank midrate is:    NZDCAD 0.9082

The interbank range this week has been:    NZDCAD 0.9071 - 0.9225
Tuesday 26th Aug 1:30PM (NZT)
Data from Canada late last week was overall supportive of the CAD. Better than forecast results from wholesale and retail sales, outweighed the small fall in inflation that was seen. These results saw the CAD start to outperform the NZD and that trend continued in early Monday morning trade as the local currency came under heavy selling pressure. There was no fundamental news to drive the move in the NZD and thin market conditions didn’t help. But a telling signal was the NZD’s failure to recover. The currency is still under pressure and that may well drive this pair to test levels toward 0.9100 with the risks still all skewed to the downside. Later this week from Canada we get current account and GDP data, while from NZ we have building consents and business confidence data to digest.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9150 0.9100 0.9300 0.9140 - 0.9237

Friday 22nd Aug 2:00PM (NZT)
The New Zealand dollar has underperformed the CAD this week, driving the cross rate down to recent lows of 0.9170. Very soft NZ producer prices data on Tuesday had a material impact and these were followed by another small fall in dairy prices and declining inflation expectations. The only release from Canada so far has been a better than expected reading from wholesale sales, although tonight we also get retail sales and inflation data to digest. If Canadian data again surprises on the strong side the pair will likely break down below 0.9170 and this will open the way for a move toward 0.9000 over the coming weeks. Next week from New Zealand we have the trade balance, building consents, and business confidence data. While in Canada the focus turns to current account and GDP data.
The current interbank midrate is:    NZDCAD 0.9185

The interbank range this week has been:    NZDCAD 0.9170 - 0.9267
Tuesday 19th Aug 4:30PM (NZT)
The New Zealand dollar saw gradual appreciation against the CAD in the middle of last week, helped by better than forecast retail sales data. The pair managed to trade up to 0.9380 before running out of momentum. Since then a couple of releases have turned the tide back to the downside, with key support around 0.9180 currently been tested. A revised reading of Canadian employment on Friday helped boost the CAD after the previous result was found out to be an error. Then earlier this morning NZ producer prices data was much weaker than forecast which would suggest there is little in the way of pipeline inflation pressure in the local economy. As such the NZD came under heavy selling pressure and pushed the cross towards 0.9180. A break below there would be a negative signal and see the pair trading at levels last seen in February. Key to near term direction will be tonight’s dairy auction, with any further fall in dairy prices weighing heavily on the local currency. From Canada this week we have wholesale sales, inflation and retails sales to draw focus.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9197 0.9100 0.9300 0.9197 - 0.9381

Friday 15th Aug 3:55PM (NZT)
The NZ dollar started this week firmly under pressure from the Canadian dollar. This theme lost momentum following the better than expected NZ retail sales number and the price action has been mixed since. A solid .9200 -.9350 range has established itself over the last three weeks or so and expect this range to contain the price action in the coming week. Certainly selling up towards the top of that range looks to offer good value. The global dairy trade auction results provide the primary focus and chance for domestic impact on pricing in NZ next week. From Canada the inflation and retail sales data on Friday will be closely watched. Patience for those looking buy NZ dollars at lower levels, will likely pay off over time.
The current interbank midrate is:    NZDCAD .9245

The interbank range this week has been:    NZDCAD .9198 - .9308
Tuesday 12th Aug 2:00PM (NZT)
Trading in this pair has remained volatile with 100 point range over the past week. Both the New Zealand dollar and the Canadian dollar have seen periods of weakness. Friday evening’s Canadian employment data was the trigger for one such period of CAD weakness. The much worse than expected result caused the cross to leap up to 0.9310 as the CAD saw heavy selling pressure, but that move has largely been reversed over the past 24 hours. We are now trading back down near support around 0.9230. A break below there would open the way for a test of 0.9190. Data from NZ this week that could influence includes the Business NZ manufacturing index and retail sales. While from Canada we have the house price index and manufacturing sales data to digest.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9233 0.9100 0.9300 0.9227 - 0.9325

Friday 8th Aug 2:30PM (NZT)
The New Zealand dollar was gaining ground against the CAD heading into Tuesday night’s dairy auction. Direction quickly reversed however after dairy prices took another big fall, this time by 8.4%. The NZD immediately came under pressure and the downside extended a few hours later when NZ employment change data came in below expectation. The pair traded down under 0.9240 before support emerged and halted the declines, at least for now. A number of attempts to recover some of the lost ground have been capped by much better than expected Canadian data releases over the past two days. These have boosted demand for the CAD and kept the pair capped around 0.9275. Tonight we get the key release of Canadian employment change and if this continues the run of better than expected data the pair could well make fresh lows for the week. There is major support toward 0.9180 and that would be the target of any near term weakness. Next week from NZ we have retail sales and the Business NZ manufacturing index. While from Canada we have housing starts, the house price index and manufacturing sales data to digest.
The current interbank midrate is:    NZDCAD 0.9240

The interbank range this week has been:    NZDCAD 0.9233 - 0.9325
Tuesday 5th Aug 1:30PM (NZT)
This pair has seen a significant recovery off the lows around 0.9200 posted this time last week. The recovery has been driven in large part by a bounce in the New Zealand dollar that had been under pressure since turning down from recent highs in mid-July. Friday evening saw a better than forecast result for Canadian GDP, but its positive impact was outweighed by a somewhat disappointing US employment figure. This helped to drive the pair up to resistance around 0.9300, where it currently trades. A sustained move above here will open the way for a test back to 0.9400. The focus now turns to NZ employment data out tomorrow and then a raft of Canadian releases late in the week. These include the trade balance, building permits, Ivey PMI and employment change.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9294 0.9100 0.9300 0.9197 - 0.9309

Friday 1st Aug 1:50PM (NZT)
The past week has seen a small recovery for this pair after a couple of failed attempts below the 0.9200 level. That level was tested again on Tuesday afternoon after Fonterra announced a NZ$6 forecast pay-out for the 2014/15 season. This was the low end of expectation a put the local currency under further pressure. But the failure to sustain a move below 0.9200 has resulted in a reasonable recovery that took the pair all the way to 0.9290 before last night’s Canadian GDP data. That better than expected result sparked some CAD buying and the pair gave back some of its gains. While resistance at 0.9300 caps the topside, we could easily turn back down and tonight’s US employment report is likely to be key in that respect. Next week from Canada we have the trade balance, building permits, Ivey PMI and employment change all set for release. While from NZ the focus turns to employment data and the labour cost index.
The current interbank midrate is:    NZDCAD 0.9280

The interbank range this week has been:    NZDCAD 0.9188 - 0.9290
Tuesday 29th July 1:30PM (NZT)
The New Zealand dollar has been under considerable pressure for much of the past two weeks. The latest down leg came on the back of the last Wednesday’s RBNZ rate statement and this drove the cross to the Canadian dollar to its 0.9188 low. We have however seen a decent bounce from the low thanks to weaker than expected core retail sales data released from Canada at the end of last week. This caused the CAD itself to come under pressure and as such the pair traded back up to 0.9260. There is potential for this corrective recovery to extend toward 0.9300, although resistance around that level should cap it for now. Data from both countries is a little light this week with only building consents from NZ and the raw materials price index and monthly GDP data from Canada.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9236 0.9100 0.9300 0.9188 - 0.9339

Friday 25th July 4:0PM (NZT)
The past ten days have seen a significant fall in this pair on the back of a declining New Zealand dollar. The latest leg lower came yesterday in the wake of the RBNZ rate statement. The RBNZ did hike rates 0.25%, but importantly they signalled a pause in the tightening cycle and then used very strong language to talk the currency lower. The NZD reacted sharply with this pair trading down to a 0.9198 low. Any corrective bounce has so far been limited and the risks are all still skewed to the downside. Any move down through support at 0.9190 will open the way for a move towards 0.9000. If we do see a bigger corrective bounce, it will run into resistance at 0.9280 and selling ahead of that level is recommended. Next week from Canada we get the Raw Material Price Index and GDP figures, while from NZ the only release is building consents data on Wednesday.
The current interbank midrate is:    NZDCAD 0.9216

The interbank range this week has been:    NZDCAD 0.9198 - 0.9357
Tuesday 22th July 2:30PM (NZT)
Like many New Zealand dollar crosses this pair lost significant ground last week as declining dairy prices and soft inflation data weighed on the NZD. This contrasts with Canadian inflation which increased to 2.4% from the previous 2.3% reading on Friday evening. That data helped the pair trade to its 0.9296 low and although we have seen a small bounce from there, the risks remain to the downside. From Canada this week we get retails sales data, but the main driver of the pair is likely to be the RBNZ rate meeting on Thursday. This event could well dictate near term direction. The central bank is still expected to hike rates to 3.5%, but they are also very likely to signal a pause in the tightening cycle for the rest of the year. A failure to signal that from the RBNZ could well see the NZD gain much of the lost ground.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9325 0.9250 0.9450 0.9296 - 0.9455

Friday 18th July 4:0PM (NZT)
At the very end of last week we got poor Canadian employment data that drive this pair up to a 0.9478 high. We have seen a sharp turnaround from that peak driven by weakness in the New Zealand dollar. The local currency has seen relentless pressure on the back of a further decline in dairy prices and softer than expected inflation data. To add to this we have also seen some risk aversion in the markets after news broke that a Malaysian Airliner was shot down over the Ukraine. The pair is now only just above support at the 0.9290 level. Tonight from Canada we get inflation data next week they also release retail sales figures. In New Zealand the focus will be on Wednesdays RBNZ rate meeting and this event will likely dictate near term direction for the pair.
The current interbank midrate is:    NZDCAD .9323

The interbank range this week has been:    NZDCAD .9306 - .9477
Tuesday 15th July 1:05PM (NZT)
The past week has seen the Canadian dollar the worst performer of all G10 currencies and as such the cross to the NZD has gained substantial ground. The big move came on the back of disappointing Canadian employment data on Friday and that helped the pair trade to its 0.9478 high. For its part the New Zealand dollar has been relatively quiet since mid-last week, although that could be about to change with another dairy auction tonight and inflation data tomorrow morning. These results will be closely watched with an eye on next week’s RBNZ rate meeting. From Canada there is also plenty to digest over the coming days with manufacturing sales, inflation, wholesales sales, and the Bank of Canada rate meeting all set for release.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9447 0.9300 0.9500 0.9335 - 0.9478

Friday 11th July 1:30PM (NZT)
The New Zealand dollar made good gains against the CAD in the early stages of the week, helped by news that Fitch ratings agency upgraded NZ’s outlook. The gains have stalled just above 0.9400 though and the focus now turns to tonight’s Canadian employment data. The market is expecting a gain of around 20.7k and anything above there will see Canadian dollar buyers emerge. If we do get a strong reading the pair may well target a move back down to support just below 0.9300. From NZ next week we just have inflation data to digest, ahead of the RBNZ meeting the week after.
The current interbank midrate is:    NZDCAD 0.9380

The interbank range this week has been:    NZDCAD 0.9287 - 0.9408
Tuesday 8th July 2:45PM (NZT)
The past couple of weeks had seen the Canadian dollar regaining some ground vs the New Zealand dollar with the pair trading down to 0.9287 heading into the weekend. We have seen a sharp reversal off those lows in the early stages of this week however thanks to a firmer NZD and a disappointing reading from Canadian Ivey PMI. The pair is now back just below minor resistance around 0.9360. If that level caps the gains then the cross could turn back down, but any move above 0.9360 will open the way for further strength. Still to come from Canada this week we have housing data and the all-important employment numbers. From NZ we only have the manufacturing index which shouldn’t impact the currency to a large degree.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9358 0.9250 0.9450 0.9287 - 0.9368

Friday 4th July 12:30PM (NZT)
We have seen some decent swing on this pair over the course of the week, but in the wash up the Canadian dollar has managed to outperform the NZD. The resurgence of the Canadian dollar was helped by last night’s better than expected trade balance data and good employment numbers from their closest neighbour, the USA. From NZ this week we saw a further decline in business confidence and dairy prices which has helped to limit further New Zealand dollar gains. For now the downside still looks the more vulnerable for the pair and a move back towards 0.9200 can’t be ruled out. Resistance toward 0.9360 should continue to cap the topside and selling into strength is recommended. There isn’t much to get excited about from NZ next week, however from Canada we have a number of key releases. Building permits, Ivey PMI, housing starts, and employment change are all set to hit the wires.
The current interbank midrate is:    NZDCAD 0.9306

The interbank range this week has been:    NZDCAD 0.9302 - 0.9401
Tuesday 1st July 2:15PM (NZT)
This pair has spent nearly a month trading a .9250 - .9450 range. Last week saw fairly contained price action, with the initial resistance at .9400 enough to temper the demand for the NZD following the weak US GDP numbers. The NZD saw pressure yesterday after the business confidence numbers, but this turned around as the Canadian GDP number missed expectations. Direction from the current levels is not clear and current pricing sits close to the middle of the recent trading range. The Canadian trade balance on Thursday presents some further data focus, albeit the impact on price action should be limited. The wider market sentiment following the ECB meeting and the US employment numbers is more likely to provide the lead.
  Current Level Support Resistance Last week's range
NZD/CAD .9352 .9250 .9450 .9308 - .9402
 

Friday 27th June 2:00PM (NZT) - Update
It has been an interesting week for this pair. The Canadian dollar saw further increased demand throughout the first half of the week, as the improved prospects for the beleaguered CAD provided the lead. The turnaround from the lows for the week for this pair followed the disappointing US GDP numbers. These drove global interest lower and increased the demand for the relatively high yielding NZ dollar. The initial resistance at .9400 has contained the rally on this move, and this level remains key for direction in the short term.
The current interbank midrate is:    NZDCAD .9378

The interbank range this week has been:    NZDCAD .9308 - .9435
Tuesday 24th June 2:43PM (NZT)
Last week proved to be an interesting one for this pair. Both currencies saw periods of increased demand, but the CAD jump on Friday following the higher than expected inflation and retail sales data saw the largest move. Whether or not this serves as a turning point for the CAD, that has seen so much pressure in 2014, remains to be seen.  With little in the way of economic news due in either economy this week, expect the drivers to come from the wider market, as they have done so far. In the near term, support at .9300 remains the primary target ahead of more support in place at .9250. It seems like a stronger USD would certainly assist the CAD push the NZD lower at this time.
  Current Level Support Resistance Last week's range
NZD/CAD .9348 .9250 .9450 .9342 - .9472

Friday 20th June 2:00PM (NZT) - Update
It has been an interesting week for this pair. The NZD saw increased demand following the Fed’s monetary policy announcement and this saw the pair hit the weeks highs briefly. Then came the lower than expected NZ GDP data, and the price action was reversed. The reasonable Canadian news this week, has helped temper the NZ dollar from those highs and the initial resistance at .9450 now looks fairly substantial. Canadian inflation and retail sales number later on today round out the focus for the week. Next week sees little in the way of formal economic news due in either economy, so expect the lead to come from dynamics in the wider market, most likely to be the fortunes of the US dollar.
The current interbank midrate is:    NZDCAD .9425

The interbank range this week has been:    NZDCAD .9383 - .9472
Tuesday 17th June 3:43PM (NZT)
After seeing grinding appreciation in to last week’s RBNZ announcement, the NZ dollar jumped higher against the CAD in the subsequent trading sessions. Interesting, the .9450 initial resistance has contained the NZD demand since then, and this levels remains the primary target in the short term. Ahead of the latest Canadian inflation and retails sales data on Friday, expect all eyes on the Q1 NZ GDP numbers on Thursday morning. No matter what eventuates in the coming months, the current levels will likely prove to have offered reasonably good value buying of CAD with NZ dollars.
  Current Level Support Resistance Last week's range
NZD/CAD .9400 .9250 .9450 .9264 - .9442

Friday 13th June 2:00PM (NZT) - Update
The dynamic nature of this pairing has continued this week. It started with the pair consolidating just above support at .9250. The real action has been seen in the wake of the RBNZ’s monetary policy statement yesterday. After the initial jump, the move turned into one of grinding appreciation until the pair stalled at the resistance at .9450. Consolidation just below that level keeps potential for further NZD appreciation on the cards in the short term. Certainly if we see further NZD demand, gains should prove harder fought from the current levels. Next week sees the focus provided by the Q1 NZ GDP numbers on thursday, ahead of the Canadian inflation and retail sales numbers on Friday.
The current interbank midrate is:    NZDCAD 0.9402

The interbank range this week has been:    NZDCAD 0.9250 - .9442
Tuesday 10th June 1:00PM (NZT)
Both the NZD and the CAD were under pressure for the majority of last week and as a result this pair saw mostly sideway action around 0.9210. Late in the week however, the NZD staged something of a recovery while data from Canada continued to weigh on the CAD. As a result the cross started to make gains on Thursday that continued into the weekend. The high of 0.9352 traded in the wake of Friday evenings disappointing Canadian employment data. In the last 24 hours we have since seen a decent pullback from there after better than expected Canadian housing starts number provided some relief for the CAD. The focus now turns to the RBNZ monetary policy statement on Thursday which will likely dictate direction in the near term. 0.9150 to 0.9350 provide the parameters that are likely to contain trading ahead of that release.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9270 0.9150 0.9350 0.9185 - 0.9352

Friday 6th June 2:30PM (NZT) - Update
It has been an interesting week for this pair. Both currencies have seen periods of pressure and underperformed across the board for the most part. This has lent to mainly sideways trading within the contained .9190 - .9240 range. However, all this changed last night as renewed NZD strength on the back of the ECB stimulus measures, coupled with the horrible Canadian manufacturing data to propel the NZD higher. The stretch towards the .9300 proved a step too far and the pair has settled down to trade at the current .9275 level. Later on tonight we get the Canadian employment numbers and a weak result will see the .9300 level again tested. Next week’s primary focus will be the interesting RBNZ monetary policy announcement, whilst in Canada we only get housing starts and manufacturing sales data.
The current interbank midrate is:    NZDCAD 0.9275

The interbank range this week has been:    NZDCAD 0.9182 - 0.9298
Tuesday 3rd June 6:30PM (NZT)
Weakness in the New Zealand dollar over the past week has been the primary driver of this pair. The NZD has been weighed on by declining dairy prices and a drop in business confidence. This saw the cross trade down to 0.9168 late on Friday heading into Canadian GDP data. That data caused some selling of Canadian dollar and this halted the pairs decline. We have however, only seen a small recovery from the low and the risks are all still skewed to the downside. Only a break above resistance at 0.9240 will take the pressure off, in which case we could get a recovery back toward 0.9330. There is plenty of data later this week from Canada which could influence. The trade balance, BOC rate statement, building permits, and employment change are all set for release over the coming days.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9220 0.9150 0.9350 0.9168 - 0.9305

Friday 30th May 2:00PM (NZT) - Update
The NZD has seen continued pressure from the CAD this week. It has been a genuine case of NZ dollar underperformance in the absence of any Canadian economic data ahead of the GDP number later on today. Indeed the softening NZD is just giving up some of its very elevated ground, and the pair remains at historically high levels. We may see a period of consolidation around the current levels and a new trading range established in the short term. The Canadian GDP number later today provides focus ahead of a business week for Canadian data next week. The BOC monetary policy statement on Tuesday comes ahead of Housing, and manufacturing numbers Wednesday and employment date Thursday. There are no significant data releases in NZ expected next week.
The current interbank midrate is:    NZDCAD 0.9200

The interbank range this week has been:    NZDCAD 0.9168 - 0.9339
Tuesday 27th May 2:30PM (NZT)
The Canadian dollar managed to push the NZ dollar down through the support at .9350 last week. That level now offers resistance, and given the CAD’s perky recent form, it should contain any NZ dollar appreciation in the short term. This week is relatively quiet for economic news for this pair. Following yesterday’s NZ trade balance data, we get the latest business confidence numbers from ANZ on Thursday. In Canada the focus comes from the GDP number late Friday. It seems that after a period of weakness in the Canadian dollar that we may have turned a corner. Certainly any rebound in the US dollar will assist the CAD in its appreciation over the NZ dollar. In the short term the direction remains subject to the .9350 level. Overtime it seems likely that current levels will prove to have offered good value buying of CAD with NZ dollars.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9295 0.9150 0.9350 0.9269 - 0.9387

Thursday 22nd May 3:30PM (NZT) - Update
This week has seen the NZ dollar underperform its Canadian counterpart. Much of the move has been driven by lower demand for the NZD, as opposed to outright CAD strength. For the time being the support at .9300 has not been materially tested, but it certainly remains the primary target in the short term. Canadian retail sales numbers later on today come ahead of the inflation numbers tomorrow. Next week only sees second tier economic data in either economy. Whilst the Australian dollar looks vulnerable, expect any real recovery to recent levels to be hard fought by the NZ dollar.
The current interbank midrate is:    NZDCAD 0.9364

The interbank range this week has been:    NZDCAD 0.9330 - 0.9444
Tuesday 20th May 3:00PM (NZT)
The NZD saw increasing pressure into the end of last week as the global risk appetite subsided. This sees the NZDCAD pair down towards its recent lows and solid support at .9350. Consolidation through this level at some stage in the coming sessions would open up the way for further weakness, but this is by no means a foregone conclusion. Tonight’s Fonterra GDT auction results will be closely watched. These come ahead of the RBNZ’s release of its Inflation Expectations Survey results on Thursday. In Canada we have the release of the latest retail sales data on Thursday and inflation data on Friday.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9375 0.9350 0.9550 0.9367 - 0.9459

Friday 16th May 2:00PM (NZT) - Update
The past week has seen relatively subdued trading in the this pair with a gradual appreciation of the New Zealand dollar dominating price action for much of the week. The last 24 hours however, has seen something of a turnaround as a minor bout of risk aversion, due to stock market weakness, caused some NZD selling. Overall trading has been very muted and we can expect more of the same heading into next week. With little on the economic calendar from NZ the focus will turn to Canada and the release of wholesale sales, retail sales, and inflation data.
The current interbank midrate is:    NZDCAD 0.9400

The interbank range this week has been:    NZDCAD 0.9332 - 0.9459
Tuesday 13th May 2:00PM (NZT)
The New Zealand dollar came under pressure after last week’s comments about possible currency intervention by Governor Wheeler. This drove the cross with the Canadian dollar down from 0.9591 all the way to 0.9332 heading into Friday night’s Canadian employment release. That data was a lot worse than expected and as such the CAD came under pressure. As a result this pair sharply recovered off its lows, and since then a tight trading range has ensued. Direction from here is a tough call and with little set for release from Canada this week it will likely be decided by action in the NZD. That puts the immediate focus on NZ retail sales and the RBNZ financial stability report both set for release tomorrow morning.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9400 0.9350 0.9550 0.9332 - 0.9591

Friday 9th May 2:00PM (NZT) - Update
This pair continued to make solid gains in the early part of the week driven by a strong New Zealand dollar. However, that all changed on Tuesday evening as the NZD peaked and started to pull back. Another fall in dairy prices at Fonterra’s auction helped, but the real downside action came in the wake of Governor Wheeler’s talk of currency intervention on Wednesday morning. This turned the tide for the NZD and since then we have seen a relentless grind lower. The downside accelerated last night after Canadian housing starts data surprised the market coming in significantly stronger than expected boosting the CAD. This comes after data earlier in the week was largely disappointing. The pair has traded to its lowest level since early March and the risks remain skewed to the downside. Support around 0.9270 is the initial target. Next week from Canada we get the semi-annual Bank of Canada review along with manufacturing sales data to digest. While from NZ we have the RBNZ financial stability report, along with retail sales and the annual budget release to digest.
The current interbank midrate is:    NZDCAD 0.9350

The interbank range this week has been:    NZDCAD 0.9348 - 0.9591
Tuesday 6th May 2:00PM (NZT)
The New Zealand dollar has materially outperformed the Canadian dollar this week. Solid NZ data in the form for trade balance, building consents, and business confidence have helped underpin the local currencies rise and the market is keenly awaiting the release of employment data tomorrow morning. From Canada last week we saw GDP data that came in bang on expectation while the raw material price index showed some weakness. These results have failed to increase demand for the CAD, although a raft of data this week could add life to the currency. Canadian trade balance, Ivey PMI, building consents, and employment data are all set for release. Ahead of these we have NZ employment data tomorrow to draw focus. The pair is close to resistance at 0.9550 and this marks the first topside barrier. On the downside support comes in around 0.9350 although that seems pretty far away at this point.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9520 0.9350 0.9550 0.9356 - 0.9534

Friday 2nd May 3:00PM (NZT) - Update
It really has been a week of two halves for this pair with the Canadian dollar making good gains against the NZD in the first part of the week. The New Zealand dollar however, battled back strongly in the second half and it now trades almost unchanged from where it ended last week. The NZD’s recovery was helped by much stronger than expected building consents data released on Wednesday. Tonight’s US employment data could well dictate near term direction although next week there will be plenty more to focus on. From NZ we have employment data on Wednesday, while from Canada we get the trade balance, Ivey PMI, building permits and employment change.
The current interbank midrate is:    NZDCAD 0.9450

The interbank range this week has been:    NZDCAD 0.9356 - 0.9480
Tuesday 29th April 3:30PM (NZT)
Some relative weakness in the New Zealand dollar has been the driver of this pair over the past week. That weakness has come as the market questions whether or not the RBNZ will pause it’s tightening cycle after Junes expected 0.25% hike. The central bank suggested in their rate statement last week that a high NZD could influence future decisions and this has weighed on the currency a touch. Some mixed data from Canada over the past week hasn’t impacted the pair to a great degree with a test of minor support at 0.9380 looking likely in the near term. A break below there would open the way for a move to 0.9280. From NZ this week we have building consents and business confidence data set for release. While from Canada we get GDP figures and a speech from Governor Poloz.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9405 0.9380 0.9580 0.9400 - 0.9525

Wednesday 23rd April 4:30PM (NZT) - Update
We have seen some decent swings in this pair over the last week, however the net result is that the market is little changed from where it was trading last Wednesday. Comments by Governor Poloz that rate cuts aren't off the table saw the CAD weaken sharply in the middle of last week. The move was short lived however, as stronger than expected Canadian inflation data caused the CAD to rally back. In the last 24 hours some relative strength in the NZD has pushed the cross back up to 0.9500 where it currently trades. Key for near term direction will be tomorrow RBNZ rate decision and statement. A 0.25% hike is a done deal and the attention will be on how the central bank interprets the recent softer than expected NZ inflation data.
The current interbank midrate is:    NZDCAD 0.9495

The interbank range this week has been:    NZDCAD 0.9423 - 0.9515
Thursday 17th April 3:30PM (NZT) - Update
The past week has seen little in the way of overall direction for this pair. Price action has swung back and forth during periods of relative weakness in the NZD and CAD. The New Zealand dollar has suffered as dairy prices declined further and inflation came in below expectation. While the Canadian dollar has been hurt by BOC Governor Poloz’s comment that they haven’t ruled out further rate cuts. 0.9400 to 0.9600 looks like to contain trading heading into next Thursday’s RBNZ rate statement. From Canada the only data next week comes in the form of wholesale and retail sales.
The current interbank midrate is:    NZDCAD 0.9500

The interbank range this week has been:    NZDCAD 0.9427 - 0.9546
Tuesday 15th April 2:30PM (NZT)
The Canadian dollar has been under some pressure this week, weighed on by softer than expected data from the housing market. The New Zealand dollar on the other hand, has had another very strong week which has seen it recover sharply from last Thursday’s bout of risk aversion, which was triggered by stock market concerns. This has resulted in the NZDCAD cross climbing back up towards 0.9550. The risks are skewed to further topside price action with recent multi year highs around 0.9650 in sight. However, key to near term price action will be the Bank of Canada (BOC) rate statement set for release early Thursday morning. We also get manufacturing sales and inflation data from Canada this week, while NZ inflation is set to hit the wires tomorrow.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9510 0.9400 0.9600 0.9414 - 0.9546

Friday 11th April 3:30PM (NZT) - Update
With the absence of top tier economic data in either economy this week, the price action has been fairly contained. The slightly resurgent NZD struggled on two attempts back towards what has turn into stubborn initial resistance at .9520, and has reversed back. The weaker global stock markets certainly have help tame the NZD this week. Looking forward to next week and the .9400 support level seems likely to be tested. Along with wider market sentiment, the respective inflation numbers will be closely watched. The NZ number comes on Wednesday ahead of the BOC monetary policy decision. Thursday rounds out the week’s data focus with the Canadian inflation data. Given the continued elevated levels of the NZ dollar, the bias is to the downside in the current market environment.
The current interbank midrate is:    NZDCAD 0.9452

The interbank range this week has been:    NZDCAD 0.9388 - 0.9518
Tuesday 8th April 1:30PM (NZT)
The NZD finally saw some decent pressure from a resurgent CAD over the last week. The pressure was twofold. The weak dairy auction saw direct pressure on the NZD, and the continued improvement in the Canadian economic statistics saw increased demand for the CAD. So far the support at .9400 has held, but consolidation through that level would open up the way for a further move lower. There is some initial resistance just above the current levels around the .9450-60 level and this has contained the NZD bounce from the lows for the time being at least. The second tier economic news in both economies should not be of material impact this week, albeit the housing data in both economies will be closely followed. It seems likely that over time the current levels will prove to have offered great value buying of CAD with NZD.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9445 0.9400 0.9600 0.9381 - 0.9621

Friday 4th April 1:30PM (NZT) - Update
This pair started the week at very elevated levels and had the signs of nearing a corrective move lower at some stage. The catalyst for the move lower from the highs was the weak Fonterra dairy auction results. Better Canadian data has also helped the correction, and direction from current levels will depend on whether or not the pair consolidates lower than the .9400 support level in the coming sessions. Next week will see the bulk of the focus on the Canadian economy in the absence of any material NZ economic news. This includes Business sentiment, housing starts and housing price index.
The current interbank midrate is:    NZDCAD 0.9440

The interbank range this week has been:    NZDCAD 0.9380 - 0.9627
Tuesday 1st April 1:30PM (NZT)
The Canadian dollar has finally been able to stall the NZ dollar’s appreciation over the last week. Certainly the momentum has waned, albeit the pair is still relatively close to the cycle highs. This increase in demand for the CAD has come as with the data improvement over the last couple of weeks, if a little delayed. In the absence of any further NZ data this week, the focus for this pair turns to Friday’s employment and manufacturing numbers. Solid results would likely confirm that we have seen the short term highs. Needless to say the current levels offer very good value buying of CAD with NZ dollars.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9590 0.9450 0.9650 0.9520 - 0.9627

Friday 28th March 12:30PM (NZT) - Update
This week has seen volatile price action within a relatively contained range for this pair. Both the NZ and Canadian dollars have seen periods of increased demand at times. Certainly the momentum has stopped for the NZD, as the resistance at .9650 has not been seriously threatened this week. With little in the way of economic news in either economy this week, the focus now turns to the raft of Canadian economic data next week, with the GDP and employment numbers offering the primary focus. The pair looks increasingly comfortable in the recently established .9450 - .9650 range, and it would not surprise if this continued through next week’s trade.
The current interbank midrate is:    NZDCAD 0.9560

The interbank range this week has been:    NZDCAD 0.9530 - 0.9628
Tuesday 25th March 2:00PM (NZT)
After rallying strongly in the early stages of last week this pair has spent much of the past five trading days consolidating those gains in sideways action around 0.9580. A stronger than expected reading from Canadian inflation on Friday night caused some weakness in the pair although the impact has been minor. This is an especially poor reaction considering we also had the release of Canadian retail sales data that was better than expected. The only release of note from New Zealand this week is the trade balance tomorrow, while the economic calendar for Canada is even lighter. At this stage the focus remains on the topside. It will take a move below minor support at 0.9520 to change that view and warn of the potential for a deeper correction.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9575 0.9450 0.9650 0.9441 - 0.9657

Friday 21st March 2:00PM (NZT) - Update
This week has seen further demand for the NZD over the CAD. After a benign start to the week, the increased demand Australasian currencies on Tuesday saw the largest move on the week. After blowing through resistance at .9500, further attempts higher were expected and the .9650 level now represents the significant resistance level. After so much NZD strength, can further demand be expected? The short answer is possibly, but given we are at extremes, further NZD gains are far from guaranteed. Later on today in Canada the latest inflation and retail sales numbers will be released. Certainly any above expectation inflation number would be CAD supportive. Next week sees little material economic news in Canada, and just trade balance and business confidence numbers due for release in NZ.
The current interbank midrate is:    NZDCAD 0.9595

The interbank range this week has been:    NZDCAD 0.9418 - 0.9657
Tuesday 18th March 3:30PM (NZT)
The only notable price action in this pair over the past week came late last week after the RBNZ rate hike. This saw demand for New Zealand dollars increase and the cross to the CAD jump to 0.9520. However, most of those gains were reversed heading into the weekend as a wave of risk aversion swept the market thanks to concerns around the Ukrainian situation. Since then price action has been subdued and the pair has traded quietly around 0.9470. The pair has been in a strong uptrend since the beginning of the year and it would be foolish to try and call a top. That being said these are very elevated levels for the pair which represent good selling on a historical basis. From NZ this week we get GDP data on Thursday. While from Canada attention will turn to the key release of inflation, retail sales, and manufacturing sales.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9467 0.9250 0.9450 0.9383 - 0.9521

Thursday 13th March 1:00PM (NZT) - Update
The NZ dollar has continued its pressure on the CAD this week, albeit with somewhat waning momentum. Today’s RBNZ monetary policy announcement saw the pair push through to new cyclical highs. Given the elevated nature of the NZD on most pairings, further upside will be harder fought for the NZD. Next week the NZ Q4 GDP number on Thursday provides focus ahead of Canadian inflation numbers on Friday. Needless to say that current levels offer very good value buying of CAD with NZ dollars.
The current interbank midrate is:    NZDCAD 0.9475

The interbank range this week has been:    NZDCAD 0.9378 - 0.9481
Tuesday 11th March 3:00PM (NZT)
The NZ dollar has seen grinding appreciation over the CAD throughout the course of the last week. The rising risk appetite and better Australian data, joined with the underlying NZD demand provided by the certainty of a hike from the RBNZ on Thursday. Whichever way you look at it, the NZD is at very elevated levels to the CAD, and offers great value buying of CAD at record highs. Whilst it is hard to fight the markets momentum, there is room for a “buy the rumour, sell the fact” scenario following the RBNZ announcement, with potential for NZD softness once the hike is confirmed. Any rate, for those looking to buy NZD with CAD, further patience is required and targeting levels with “limit orders” is suggested.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9418 0.9250 0.9450 0.9278 - 0.9473

Thursday 6th March 8:30PM (NZT) - Update
This pair has had a relatively quiet week’s trade, with only around half last week’s range containing trade thus far. As wider market risk aversion has lowered and the Ukrainian tensions have eased, the NZ dollar has benefitted. Last night’s BOC monetary policy statement was of fairly limited impact as expected, and now focus moves to Friday’s Canadian employment numbers for the lead. Next week sees the RBNZ monetary policy announcement take centre stage, and we can expect the NZD to remain in relative demand ahead of this most probable 25pt hike to the cash rate.
The current interbank midrate is:    NZDCAD 0.9307

The interbank range this week has been:    NZDCAD 0.9221 - 0.9338
Tuesday 4th March 2:00PM (NZT)
The positive news in the NZ economy last week saw the NZD outperform the increasingly beleaguered Canadian dollar. However, the move up towards resistance at .9380 proved a step too far, as the geo-political tensions in the Ukraine intensified towards the end of last week. With the prospect of a hike to the NZ cash rate from the RBNZ next week, expect any softness to be cushioned somewhat this in the near term. The real focus this week is Canada. Wednesday sees the BOC’s monetary policy decision announced. This is followed by the manufacturing numbers Thursday and the employment numbers on Friday. No change is expected from the BOC, but again the statement will be closely watched. Expect the current .9180 - .9380 range to cover the price action, barring a real escalation of tensions in the Ukraine, which could see the NZD under pressure, albeit of low probability at this stage.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9265 0.9180 0.9383 0.9187 - 0.9383

Friday 28th February 3:00PM (NZT) - Update
This pair has been trending higher for much of the past month, and those gains have accelerated in the latter part of this week. The latest move has been driven by strength in the New Zealand dollar after a number of positive releases. Fonterra’s announcement that it has raised its forecast payout to farmers has combined with supportive migration and trade balance data to boost the local currency. A high of 0.9346 traded last night. There hasn’t been a lot of key data from Canada this week, however tonight we do get GDP data which could impact. Next week is a different story with building permits, Ivey PMI, employment change and the trade balance all set for release. Ahead of these we have the Bank of Canada’s rate meeting and statement on Thursday morning.
The current interbank midrate is:    NZDCAD 0.9333

The interbank range this week has been:    NZDCAD 0.9063 - 0.9333
Tuesday 25th February 3:00PM (NZT)
After initial weakness to start last week, the NZ dollar staged a strong recovery over the CAD. The resistance at .9280 contained the NZD appreciation and remains the primary target for NZD strength in the near term. With the current environment of softer than expected Canadian economic news, it will be a long wait for the pairs economic focus this week, which comes in the form of the latest GDP numbers on Friday. Of passing influence could be the NZ trade numbers tomorrow and the ANZ business confidence index on Thursday. It would not surprise to see the price action again contained by the increasingly familiar .9080 - .9280 range.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9222 0.9080 0.9280 0.9063 - 0.9227

Friday 21st February 1:30PM (NZT) - Update
It has really been a week of two halves for this pair with early weakness driven by a softening New Zealand dollar and a gradual strengthening in the CAD. That all changed on Wednesday evening after more soft data from Canada. Wholesale sales data printed at a miserable -1.4% against expectations for -0.5% and this immediately put the Canadian dollar on the back foot from which it has failed to recover. The pair is now testing minor resistance around 0.9220 which has capped any strength so far in February. A break above here would open the way for a retest of the multi-year highs set in January at 0.9284. Tonight’s data from Canada in the form of inflation and retail sales will be key for near term direction. Next week the only releases of note from Canada are the current account and GDP figures out on Thursday and Friday respectively. From NZ we get inflation expectations, the trade balance, building consents, and business confidence data.
The current interbank midrate is:    NZDCAD 0.9222

The interbank range this week has been:    NZDCAD 0.9063 - 0.9227
Tuesday 18th February 3:00PM (NZT)
This pair continues to trade within an increasingly established and contained range.
With yesterday’s softer than expected retail sales number out of the way, the focus is now entirely on the Canadian releases. Thursday sees the release of the quarterly BOC review of the economy. Friday’s focus will come in the form of the latest inflation and retail sales numbers. Expect the price action to be further contained by the wider .9080 - .9280 range, with initial resistance coming in around the .9220 level. Buying CAD with NZD anywhere within this range will like prove to have offered great value over time.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9155 0.9080 0.9280 0.9107 - 0.9222

Friday 14th February 1:30PM (NZT) - Update
This pair has traded a relatively contained range so far this week. Whilst the NZD has outperformed on the balance, the pair is down from its highs and the resistance at .9280 has never been threatened. The NZD got a real boost from better than expected Australian business confidence on Tuesday, and since then the trade has been sideways in a very contained band. There has been little of material economic news in either economy this week and we have the latest manufacturing sales numbers later on today in Canada to offer any level of domestic focus. Next week on Monday sees the release of the 4th quarter NZ retail sales data and this will be closely watched. Then it’s a long wait until Friday in Canada when the latest inflation and retail sales numbers will provide real focus. Apart from those pieces of data, the lead will come from the wider markets risk appetite, but expect the ranges to be relatively contained, as on-going opportunities to buy inexpensive CAD with NZ dollars persist.
The current interbank midrate is:    NZDCAD 0.9160

The interbank range this week has been:    NZDCAD 0.9107 - 0.9222
Tuesday 11th February 3:00PM (NZT)
This pair saw an initial recovery early last week, but since then the price action has been very contained within a .9080-.9160 range. last week saw the focus on the respective employment numbers, of which both were positive for the respective economies. This week sees little in the way of top tier economic data in either economy. Yesterday saw the Canadian monthly housing starts data come in close to market expectations, and the impact was limited. New Zealand sees credit card spending data tomorrow and then a BNZ Business survey released Thursday. There appears to be little to bust this narrow and increasing familiar range in the short term. If risk aversion hits the wider market, expect investigations down to the .9080 support initially. A break of that level would open up the way for a further test of next support at .8950.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9183 0.9080 0.9280 0.8940 - 0.9177

Friday 7th February 3:30PM (NZT) - Update
A broad recovery in the New Zealand dollar over the course of this week has translated into this pairing also recovering substantial ground. The NZD was driven higher by reduced emerging market concerns, solid employment data, and a strong AUD. The Canadian dollar also struggled for much of the week under the weight soft data, although last night’s Ivey PMI has provided some respite. The coming week looks likely to be dominated by a 0.9000 to 0.9200 range, although tonight’s employment data from both Canada and the US could well upset that predication.
The current interbank midrate is:    NZDCAD 0.9110

The interbank range this week has been:    NZDCAD 0.8940 - 0.9177
Tuesday 4th February 3:00PM (NZT)
The NZD continued to see pressure from the CAD last week, with the pressure accelerating into the offshore session on Friday. Possibly the pressure on the NZD spilled over from aggressive selling versus the AUD, but the result is the same. The support at .8950 has contained the downside for the time being, but remains the target in the short term. The irony is that the price action goes against the current fundamentals. Tomorrow we get to see the Q4 NZ employment numbers with the market expectation for a relatively strong 6% unemployment rate. On Friday the Canada employment numbers are released, with the Jan Unemployment rate expected to come in at 7.1%.
  Current Level Support Resistance Last week's range
NZD/CAD 0.5957 0.8950 0.9150 0.8947 - 0.9258

Friday 31st January 4:00PM (NZT) - Update
This pair is looking increasingly comfortable in the  range that has established itself over the last couple of weeks. The upside trend for the NZ dollar may have been stemmed by the CAD, but demand should ensure any further dips from the NZD are limited to say the least. The prospect of a hike from the RBNZ in six weeks time will underpin demand for the NZD. The Canadian GDP numbers later on today present the near term focus, whilst the respective employment releases will draw attention next week.

The current interbank midrate is:    NZDCAD 0.9115

The interbank range this week has been:    NZDCAD 0.9068 - 0.9258
Tuesday 28th January 4:30PM (NZT)
The New Zealand appreciated significantly against the CAD in the first half of last week helped by firm NZ inflation data and the Bank of Canada’s cautious tone at their rate meeting. But the second half of the week was a different story as strong Canadian retail sales data combined with emerging market concerns to drive the pair lower. Volatility in emerging markets has weighed on the NZD although reduced tension in the last 24 hours has seen the pair regain some ground. The key focus domestically this week is on the RBNZ rate statement set for release on Thursday morning. Following the RBNZ meeting we have building consent and trade balance data, along with a speech from Governor Wheeler on Friday. From Canada this week there is only GDP data on Friday to draw focus.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9180 0.9080 0.9280 0.9072 - 0.9277

Friday 24th January 2:00PM (NZT) - Update
The NZ dollar has continued to pressure the CAD for the most part this week. The higher than expected NZ inflation number pushed the pair to ten year highs, before a lowering risk appetite in the wider market dragged back the NZ dollar overnight. The positive Canadian retail sales numbers will have also have helped, after what has been a woeful start to the year for the CAD. Later on today the latest inflation numbers will be released in Canada. A higher than expected number could see further gains for the CAD, as it would lower the chances of easier monetary policy from the BOC. The .8550 support remains the initial target for those looking for a corrective bounce from the CAD. Current levels still offer exceptional buying of CAD with NZD, even considering the retracement from the highs.
The current interbank midrate is:    NZDCAD 0.9200

The interbank range this week has been:    NZDCAD 0.9011 - 0.9277
Tuesday 21st January 3:00PM (NZT)
The New Zealand dollar finally ran out of steam against the beleaguered CAD last week. The resistance at .9200 proved too much for the pair, and profit taking pressure saw the support at .9000 tested yesterday. There has been a bit of the recovery today following the higher than expected NZ inflation numbers and the pair sits comfortably mid-range now. The focus turns to the barrage of Canadian news that starts late Wednesday with the BOC monetary policy decision. Then comes the retail sales data on Thursday ahead of the inflation numbers on Friday. Barring any surprise, it seems likely the established support at .9000 and resistance at .9200 will contain the price action in the short term.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9135 0.9000 0.9200 0.9008 - 0.9193

Friday 17th January 2:00PM (NZT) - Update
The Canadian dollar remained on the back foot for much of this week as the currency continued to suffer from last week’s poor economic data. The New Zealand dollar however was buoyed by the best business confidence numbers in 20 years and this help the pair continue to make fresh highs. We have now seen a very strong move from around the 0.8700 level at the beginning of the year and it may be time for some consolidation before further gains are attempted. The big focus for next week will be the Bank of Canada (BOC) monetary policy statement out early Thursday morning. If they do signal a move to an easing bias the CAD could well come under further pressure. Also from Canada next week we get manufacturing sales, retails sales, and inflation data to digest. While from NZ we have inflation data on Tuesday and the business NZ manufacturing index on Thursday.
The current interbank midrate is:    NZDCAD 0.9117

The interbank range this week has been:    NZDCAD 0.9043 - 0.9209
Tuesday 14th January 3:30PM (NZT)
Last week was a very tough one for the Canadian dollar. Poor data combined with talk of disinflation from the central bank Governor Poloz and a very negative report from Morgan Stanley, to see the currency under the gun. Things didn’t improve on Friday night with the release of employment numbers from both Canada and the US. Both those releases missed expectations by a long shot and the market reaction was swift. The cross leapt higher as the dual drivers of a weaker CAD and stronger New Zealand dollar drove prices. The pair is firmly entrenched in a strong uptrend that started on the 2nd of January from the 0.8660 level. It’s now trading at multi-year highs and trying to call a top to such a strong move such as this is a fools game. When the correction comes it could well be swift, but for now the risks are still skewed to the topside. There is little in the way for data this week from either country to turn the trend.
  Current Level Support Resistance Last week's range
NZD/CAD 0.9105 0.8850 0.9150 0.8814 - 0.9144

Friday 10th January 3:00PM (NZT) - Update
This week has seen a somewhat surprising further extension of the recent NZD appreciation against the Canadian dollar. As much as a case of CAD weakness, as opposed to outright NZ dollar strength, various Canadian authorities have certainly added their lip service to a lower CAD. The employment numbers out later on today should provide some near term direction as the pair has been glued to the .8950 for the past few days. Earlier in the week, once the .8850 resistance was broken, the way was eased for further NZ outperformance. Whilst further appreciation for the pair should be hard fought, it is hard to see a material pull back in the near term when taking the current data flow into account. Certainly the opportunity for great value buying for CAD should go for some time yet.
The current interbank midrate is:    NZDCAD 0.8945

The interbank range this week has been:    NZDCAD 0.8760 - 0.8985
Tuesday 7th January 2:30PM (NZT)
The NZ dollar saw some initial pressure from the CAD to start the New Year. This pressure was not to be sustained and the bounce from the weeks lows was reasonably sharp. The resistance at .8850 has capped the NZD appreciation for the time being and will be the target in the coming sessions. One has to imagine that any further gains from the current levels should be harder fought for the NZ dollar. This week is again light on top tier economic news in NZ. There is a flora of Canadian releases, but of most focus will be PMI numbers later on today and the Monthly employment releases on Friday. Those looking to buy CAD with NZ dollars should consider locking a tranche around current levels that offer very good value from a historical perspective.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8825 0.8650 0.8850 0.8665 - 0.8848

Friday 20th December 1:30PM (NZT) - Update
The first half of this week saw very contained ranges from this pair. The Fed decision to taper saw the NZD initially under some pressure but this was reversed following the stellar NZ GDP number. However, in somewhat ominous fashion, these gains could not be consolidated and again the CAD has seen some increased demand to push the pair recently to the lows for the week. Given that the upside momentum for the pair has now abated, expect pressure on the downside and the support level of .8650 to come into play at some stage. To finish the week the focus turns to the Canadian data due later on today. This comes in the form of the latest inflation and retail sales data. Ahead of Christmas the Canadian GDP numbers on Monday provide the only other focus. We can expect the holiday lower levels of liquidity to produce some sharp moves at times.
The current interbank midrate is:    NZDCAD 0.8742

The interbank range this week has been:    NZDCAD 0.8715 - 0.8836
Tuesday 17th December 2:00PM (NZT)
This pair lost a little ground in the early stages of last week, but then quickly found its comfortable level and has been trading around 0.8750 for much of the last four days. The key event for the week will be the Fed announcement on Thursday morning and this could provide plenty of volatility. It will also likely dictate direction in the near term. The market has no idea what the Fed will do in terms of tapering and as a result we could get a big moved either way. From NZ we also have GDP and business confidence data to digest, while from Canada we get manufacturing sales, wholesale sales, inflation, and retail sales.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8760 0.8650 0.8850 0.8706 - 0.8851

Friday 13th December 2:30PM (NZT) - Update
After starting this week at its peak, this pair has finally seen some level of pressure re-emerge on the NZ dollar as the odds of Fed QE tapering increased in the US. In the absence of any materially important Canadian economic news, the primary focus came in the form of the RBNZ monetary policy announcement. Certainly the market’s reaction to the unsurprising statement points toward a confidence that the cash rate in New Zealand will steadily climb over the next nine quarters. This saw the NZ demand return, albeit capped by the initial resistance at .8800. Today has seen some profit taking emerge in the NZ dollar and this has seen it pushed lower almost across the board, including against the CAD. If the initial support at .8700 is broken, expect further support at .8600 to curb any further downward moves in the short term at least.
The current interbank midrate is:    NZDCAD 0.8760

The interbank range this week has been:    NZDCAD 0.8706 - 0.8864
Tuesday 10th December 2:00PM (NZT)
Early last week saw the NZD in demand against the CAD following the impressive NZ terms of trade numbers. Following this initial move the pair settled down to see un-dramatic price action ahead of the US employment numbers on Friday. The strange resulting increase demand for the NZD provided boost to set new highs for the year. Thursday’s RBNZ monetary policy announcement provides the primary focus for the week. It is hard to imagine that the RBNZ would want to promote any further NZD demand, so expect some lip service from them with regards to the high level of the dollar. Any intimation that the pending cash rate hike could be later than their March meeting would see the NZD suffer in the short term.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8803 0.8560 0.8760 0.8662 - 0.8864

Friday 6th December 3:00PM (NZT) - Update
It has been a positive week for the NZDCAD with the pair making fresh long term highs just above 0.8800. The gains were helped by solid terms of trade data on Monday that helped to support the New Zealand dollar. Further gains were seen after the global dairy trade auction posted another strong result on Tuesday night. A very cautious tone from the Bank of Canada (BOC) at their rate meeting has also weighed on the CAD do a degree, and this pair could well continue to make gains. Tonight’s US employment data could have a big impact though, as the fortunes of Canada are closely tied to those of their neighbour and biggest trading partner. Resistance around 0.8800 will continue to provide the initial upside barrier while the downside should continue to find good support towards 0.8600. The focus next week will be on the RBNZ’s monetary policy statement and any hints to the timing of a rate hike. While from Canada there is only housing data, capacity utilization, and a speech by governor Poloz to draw focus.
The current interbank midrate is:    NZDCAD 0.8757

The interbank range this week has been:    NZDCAD 0.8634 - 0.8802
Tuesday 3rd December 2:30PM (NZT)
This pair has continued to trade in its increasingly familiar range over the last week. The NZ dollar saw periods of strong pressure last week , but managed to bounce from the support around the .8560 level. The increased NZD supply was a little surprising given the buoyant domestic numbers of late. The pressure was reversed over the weekend as stronger than expected Chinese manufacturing numbers renewed demand for the NZD. Yesterday, this momentum was added to by the materially better than expected NZ terms of trade for the 3rd quarter. For the remainder of the week the focus entirely comes from the Canadian input. The BOC monetary policy announcement on Wednesday will be unchanged as wholly expected, but the statement will be closely watched none the less. Thursday sees the latest building and PMI numbers come ahead of the all-important employment numbers on Friday. Expect the pair to be contained by the recent .8560 - .8760 range.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8720 0.8560 0.8760 0.8560 - 0.8729

Friday 29th November 3:30PM (NZT)
The New Zealand dollar has been on the back foot for much of the week despite some better than expected data. The Canadian dollar hasn’t exactly been a strong performer either, with some very average current account figures highlighting the difficulties the currency faces. It has however managed to outperform the NZD over the course of the week and the pair now sits close to minor support around 0.8570. There is very little out of NZ next week but from Canada there is a raft of key data set for release. The trade balance, Bank of Canada (BOC) rate statement, building permits, Ivey PMI, and employment change could all impact the currency and these figures will likely dictate near term direction.
The current interbank midrate is:    NZDCAD 0.8576

The interbank range this week has been:    NZDCAD 0.8570 - 0.8705
Tuesday 26th November 4:30PM (NZT)
Last week saw some volatile price action as the New Zealand dollar underperformed the Canadian dollar for much of the week. This was in large part a result of the Fed minutes which saw the market re-price the risk of tapering in the coming months. The pair made a low of 0.8561 heading into the weekend, but has put in a decent bounce in the early stages of this week. So far that bounce has been capped by minor resistance at 0.8680 and this keeps the risks skewed to the downside. This week from NZ we have trade balance data, business confidence, and building consents to draw focus. While from Canada later this week we have current account and GDP data to digest.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8670 0.8560 0.8760 0.8561 - 0.8758

Friday 22nd November 2:30PM (NZT)
Its has been an interesting week for this pair. Ironically the dominant lead has come from external factors. The major factor leading the Canadian dollar to outperform has been the resurgence in the US dollar following the Fed’s monetary policy meeting minutes. The CAD appreciation has been curbed by support at .8600 for the time being. A consolidated break of the .8600 support would open up the way for further CAD appreciation in the short term at least. The focus from here comes from the Canadian inflation and retail sales data later on today. Next week sees a further focus provided by Canadian GDP numbers next Friday. In the meantime the majority of the lead will come from the relative performance of the US dollar.
The current interbank midrate is:    NZDCAD .8630

The interbank range this week has been:    NZDCAD .8592 - .8758
Tuesday 19th November 2:30PM (NZT)
Over the last week this pair has seen the NZ dollar rise in mostly grinding appreciation over the CAD. In the face of weak NZ retail sales numbers, the wider markets risk appetite spurred the NZD demand. Much of this will be attributable to the accepting attitude from incoming Fed Chair Janet Yellen to the current QE program from the Fed. Positive sentiment towards the CAD has emerged in the last few sessions, and this has curbed further appreciation from the NZD for the time being. For the most part, the pair remains within its recent broader, if a little elevated, range. The focus for the remainder of the week is mainly based in Canada, with retail sales and inflation numbers on Friday. In NZ, we just have produce prices tomorrow and these will likely be of limited impact. Current levels look to offer good value buying of CAD with NZ dollars.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8690 0.8600 0.8800 0.8605 - 0.8745

Friday 15th November 2:00PM (NZT) - Update
This pair remains contained by its increasingly familiar .8600 - .8750 range that has been established over the last six weeks. The NZD was a little vulnerable early in the week, on the back of weaker global growth sentiment. The pair pushed down to the support at .8600 before the US influence again took over. The testimony from incoming Fed Chair Yellen boosted the prospects for the NZD. This was because of her apparent commitment to the Fed’s QE program. Next week the Canadian data late in the week will dominate the domestic focus for this pair. The important inflation and retail sales data providing further insight to conditions in the Canadian economy. NZ producer price data on Wednesday will be of limited impact.
The current interbank midrate is:    NZDCAD 0.8655

The interbank range this week has been:    NZDCAD 0.8602 - 0.8701
Tuesday 12th November 2:30PM (NZT)
This pair made dramatic gains in the early part of last week helped by good employment data out of NZ. The cross made a high of 0.8783, before the Canadian dollar found support from a much better than expected Ivey PMI index. This was the turning point for the pair and since that release we have seen further losses aided by strong GDP and employment data from the US. Both those results helped to support the Canadian dollar as did its own employment data that also hit the wires on Friday night. This week from NZ we have the RBNZ financial stability report on Wednesday and retails sales on Thursday. While a Canadian holiday today means we have a very quiet week data wise with only the trade balance and manufacturing sales out towards the end of the week.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8628 0.8500 0.8700 0.8617 - 0.8783

Friday 8th November 2:00PM (NZT) - Update
The New Zealand dollar performed strongly against Canadian dollar in the first half of the week. Good employment numbers from NZ helped support the local currency and the pair traded up to 0.8783 in the wake of that release. Recent soft data from Canada has seen the central bank move away from a tightening bias and early this week that average data continued. But yesterday morning the pair turned around on the back of a strong Purchasing Managers Index reading from Canada. That data sparked increased demand for the CAD and the cross to the NZD pulled back from its highs. The move lower has continued in the last 12 hours on the back of some relative weakness in the NZD. At this point it looks like the risks are still skewed to the downside and a test toward 0.8640 could be on the cards. Next week will see the focus turn to the release of the 3rd quarter NZ retail sales numbers on Thursday, and the bi-annual RBNZ Financial Stability report which is due early Wednesday morning. From Canada we have the trade numbers on Thursday and manufacturing data on Friday.
The current interbank midrate is:    NZDCAD 0.8701

The interbank range this week has been:    NZDCAD 0.8580 - 0.8783
Tuesday 5th November 1:30PM (NZT)
With the expected “no change” from the RBNZ last week, the focus quickly moved to the Canadian GDP numbers on Friday. The positive result saw the CAD attempt to place the NZD under some pressure to end the week. However, this pressure has not been sustained, as positive news from both China and Australia have helped stabilise demand for the NZD. Tomorrow sees the release of the important 3rd quarter NZ employment numbers and these provide the focus ahead a raft of Canadian news later on in the week. This Canadian data comes in the form of building permits, the purchasing managers index and the monthly employment numbers. Barring any real surprise, it is hard to see the pair breaking out of an increasingly familiar .8500 - .8700 wider trading band. If we are to see a break of this range, it will likely following the NZ employment numbers.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8644 0.8500 0.8700 0.8573 - 0.8682

Friday 1st November 3:00PM (NZT) - Update
It has been a volatile week for this pair with the net result seeing the cross trade at lower levels than where it started. Influences have come from the Moody’s statement with regard to NZ’s triple AAA rating, the Fed rate statement, and the RBNZ monetary policy statement, and most recently the better than expected Canadian GDP. The CAD has been a poor performer over the last couple of months, but looks to perhaps have turned the corner in the last 48 hours. If this is indeed the case, there could be more downside action for this pair as the CAD outperforms the NZD in the near term. A reasonable target on the downside would be a test of support around 0.8480. Next week from Canada we have building permits data, business diffusion index, housing starts, and employment numbers to digest. From New Zealand the calendar is pretty light with only employment data on Tuesday to focus on.
The current interbank midrate is:    NZDCAD 0.8618

The interbank range this week has been:    NZDCAD 0.8596 - 0.8709
Tuesday 29th October 3:00PM (NZT)
The last week has seen some volatile price action in this pair. The net result is that the cross is currently testing support around 0.8640 and a break below here would reinforce the negative near term outlook. This would open the way for a pull back toward 0.8500 initially. A move back to that level is favoured in light of the broader picture that has seen the cross rally from near 0.8100 at the beginning of September. That move came as the NZD strengthened and the CAD weakened, but it looks to have run its course for now. The risk event on the week will be the RBNZ rate statement on Thursday, but we also hear from BOC governor on Wednesday and have Canadian GDP on Friday.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8658 0.8500 0.8700 0.8634 - 0.8778

Friday 25th October 1:30PM (NZT) - Update
It has been a very choppy week for the New Zealand dollar against the Canadian currency. Conflicting forces in the form of soft US employment data, concerns about the Chinese banking system, and a downbeat tone from the Bank of Canada (BOC) all played their part in creating some big swings for the pair. The net result however, is that the cross is only slightly weaker than where it was trading last Friday. Looking at the broader picture, the pair has had a solid run up from near 0.8100 in early September but this strength has been capped by key resistance around 0.8780. The failure to overcome that resistance after a number of attempts in the past couple of week, leaves the downside looking favoured. A break below support at 0.8640 would confirm this outlook and target a pullback to 0.8500 initially. Key data out of Canada next week will be their GDP figures on Friday night. While from New Zealand the highlight will be the RBNZ monetary policy statement, which is followed by building consents and business confidence.
The current interbank midrate is:    NZDCAD 0.8662

The interbank range this week has been:    NZDCAD 0.8634 - 0.8778
Tuesday 22nd October 2:20PM (NZT)
In the last few days the NZ dollar has finally started to lose a bit of its upside momentum against the Canadian dollar. A failure to consolidate through the resistance at .8750, has seen the pair give back a portion of last week’s relatively easily made gains. The current levels look to offer very good value buying of CAD with NZ dollars. In the near term the primary focus will likely be the US employment numbers that come late Tuesday. These come alongside the latest Canadian retail sales data and ahead of the BOC monetary policy statement on Wednesday. No change is expected from the BOC, and expect the tone to be relatively downbeat following the recent disruptions across the border in the US.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8715 0.8640 0.8840 0.8652 - 0.8759

Friday 18th October 2:00PM (NZT) - Update
The New Zealand dollar has materially outperformed the Canadian dollar this week helped by stronger than expected inflation data. A return of positive risk sentiment after a deal in the US was reached has also benefited the local currency. We have seen a pull back from the highs reached last night but the trend is firmly to the topside. Key support comes in around 0.8690 and as long as the pair holds above here we should see another test towards recent highs. Tonight from Canada we get inflation data that will be closely watched and next week we have wholesale sales, retail sales, and the Bank of Canada rate review. From NZ the only upcoming data is credit card spending and trade balance.
The current interbank midrate is:    NZDCAD 0.8710

The interbank range this week has been:    NZDCAD 0.8601 - 0.8775
Tuesday 15th October 2:20PM (NZT)
The NZ dollar has continued its recent run of form throughout the course of the last week. In the absence of material local NZ economic news, the pair has been driven by news from Canada and the US. The outlook for the US debt ceiling debacle has been the primary driver. The only material waves of weakness have come when it looks less likely of a solution coming to the fore. Pivotal for near term fortunes will be the resistance at .8700. The US political arena will continue to be of primary influence. The NZ inflation data on Wednesday, followed by Canadian manufacturing and inflation data on Wednesday and Friday respectively will be of secondary influence. Certainly further ground from current levels should be harder fought for the NZD over the CAD.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8662 0.8500 0.8700 0.8536 - 0.8680

Friday 11th October 12:00PM (NZT) - Update
For much of the past week the New Zealand dollar was seeing grinding appreciation against the Canadian dollar. Some soft Canadian data helped the move, but the market stalled at resistance around 0.8640. Then yesterday the NZD was dragged down by the Australian dollar after some disappointing employment numbers. This saw the NZDCAD cross rate fall sharply to 0.8570, before recovering overnight on the back of a potential break in the deadlock in Washington. The trend in this pair for the last six weeks has been up, and this remains the case. However the cross needs to overcome the barrier of resistance around 0.8740 to continue. Failure to do so will see a pullback that targets support at 0.8480.
The current interbank midrate is:    NZDCAD 0.8612

The interbank range this week has been:    NZDCAD 0.8536 - 0.8641
Tuesday 8th October 2:15PM (NZT)
This pair remains in an increasingly familiar range that has established itself over the last three weeks. Not even the news of the huge Petronas Canadian investment has materially impacted pricing. Expect the rangey nature of the price action to continue in the short term as the US Government funding debacle plays itself out. Any foray up towards .8600 provides a great opportunity to buy great value CAD with NZ dollars. After today’s expectedly solid NZ business confidence numbers, expect the Canadian employment numbers on Friday to provide the data focus for this pairing. With the RBNZ expected to initiate its cash rate hiking cycle in early 2014, the NZD will likely find support on any dips towards the support at .8450 in the short term.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8555 0.8450 0.8650 0.8479 - 0.8622

Friday 4th October 2:00PM (NZT) - Update
Like many New Zealand dollar crosses, this pair was on the back foot in the middle of the week as the NZD was coming under some relative pressure. That quickly turned around however after RBNZ Governor Wheeler warned about the potential need for sharp interest rate hikes to cool the property market. The NZDCAD spiked up to 0.8622 before drifting back somewhat. The net result is there has been little overall direction in the cross this week, and it continues to trade at elevated levels relative to the last few months. Anything above 0.8600 looks to be good selling at this stage and that should continue to be the case in the near term. Early tomorrow morning from Canada we get the results from a survey of purchasing managers and next week we have building permits, trade balance, and employment data to digest. From NZ next week we have business confidence and the manufacturing index to focus on.
The current interbank midrate is:    NZDCAD 0.8564

The interbank range this week has been:    NZDCAD 0.8479 - 0.8622
Tuesday 1st October 2:15PM (NZT)
After trading down to 0.8474 in the early stages of last week the New Zealand dollar has slowly recovered and is currently testing minor resistance near 0.8580. The recovery has been helped by better business confidence numbers out of NZ and a Canadian dollar that has been weighed on by the US government shutdown. This came in the face of good monthly GDP numbers in Canada yesterday. With little out of either country for the rest of the week the focus will continue to be on the stalemate with the US government and its potential impact on the wider market.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8562 0.8450 0.8650 0.8579 - 0.8474

Friday 27th September 2:00PM (NZT) - Update
It has been a strange week’s price action for this pair. After starting the week with relative strength around five month highs, the NZ dollar succumbed to waves of selling that saw the pair give up a portion of its recent gains. The stabilization and subsequent partial recovery came following the Fonterra announcement of its increased payout. The recovery has stalled at the important .8550 level. Ironically the NZD recovery came in the face of the better than expected Canadian retail sales number. Next week sees just business confidence numbers on Monday offer any NZ focus. From there the Canadian GDP numbers on Tuesday will provide the lead. Further gains for the NZD from current levels should prove to be harder fought if they come.
The current interbank midrate is:    NZDCAD 0.8542

The interbank range this week has been:    NZDCAD 0.8637 - 0.8474
Tuesday 24th September 2:00PM (NZT)
Like a number of New Zealand dollar crosses the NZDCAD has been in a solid uptrend since the beginning of September. The latest gains came last week in the wake of the Fed ‘no-taper’ announcement and after solid NZ GDP. Gains however stalled around the 0.8635 level and we are currently seeing the start of what could turn out to be a decent correction. The pair looks on target to test what is now key support at 0.8550. If it can hold above there the focus will remain on the top side. But a move below 0.8550 will certainly change that outlook. There are most likely plenty of stop-loss orders building below that level as well, and that will attract the market. From NZ this week we only have trade balance data and business confidence to focus on and from Canada there is only retail sales set for release tomorrow.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8562 0.8450 0.8650 0.8420 - 0.8637

Friday 20th September 2:00PM (NZT) - Update
The increased NZ dollar demand in September has continued this week. The CAD has remained under pressure against the NZD as the dual leads of better than expected NZ GDP data coupled with the shock US Federal Reserve decision not to initiate tapering of its QE program. The CAD has suffered as its correlation with the USD has seen it lower on most pairings. Later on today the latest Canadian inflation numbers are due, and these will be keenly watched. Next week sees little of NZ news that will be of influence, and monthly retail sales numbers in Canada on Tuesday provides a brief focus. For the most part the lead will come from the wider markets risk appetite and corresponding treatment of the US dollar.
The current interbank midrate is:    NZDCAD 0.8608

The interbank range this week has been:    NZDCAD 0.8420 - 0.8615
Tuesday 17th September 2:00PM (NZT)
This pair has a strong run since the beginning of September, and last week was no exception. The New Zealand dollar materially outperformed the Canadian dollar and saw the cross peak at the lofty height of 0.8470. Like a number of NZD crosses, there has been little in the way of a significant pullback or retracement over the last two weeks and this must surely make further topside action in the near term a tougher proposition. A correction back to support around 0.8350 would only be healthy within the broader positive outlook. Expect the Feds announcement on tapering on Thursday to potentially have a big impact on this pair, as the fortunes of the US are closely tied to those of Canada. From NZ this week we also get current account data and the latest GDP figures to digest.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8436 0.8350 0.8550 0.8311 - 0.8470

Friday 13th September 2:00PM (NZT) - Update
The NZ dollar has seen further grinding appreciation this week. The resistance at .8350 contained the increased NZD demand until the RBNZ released their monetary policy statement. The RBNZ’s approval of the current interest rate market pricing energised the NZD demand and this has seen the pair consolidate through that resistance overnight. The increased risk appetite as the Syrian situation defuses (in the short term at least) has aided the move. The resistance at .8420 presents the next target for further NZD appreciation, and has capped the pair since early May. Certainly the lead will be coming from the FED’s monetary policy meeting next week. That meeting on Wednesday providing the lead for all markets in the short term at least. Whilst further appreciation can’t be ruled out from the current levels, certainly further ground should be harder fought than previous NZD gains.
The current interbank midrate is:    NZDCAD 0.8400

The interbank range this week has been:    NZDCAD 0.8287 - 0.8421
 
Tuesday 10th September 2:00PM (NZT)
The NZ dollar saw grinding appreciation over the Canadian dollar throughout the course of last week. Lower levels of global risk aversion coupled with better than expected data in China and Australia to provide the boost in demand for the NZ dollar. The NZD appreciation was capped on Friday following the strong Canadian employment numbers and this saw the pair fall short of the resistance at .8350. This remains the initial target for any further appreciation in the immediate future. Following yesterday’s strong Canadian building consents number, the RBNZ monetary policy statement on Thursday becomes the primary focus. Any further appreciation for the NZ dollar should prove harder fought from current levels, which offer relatively good value buying of CAD with NZ dollars.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8324 0.8150 0.8350 0.8172 - 0.8344

Friday 6th September 2:00PM (NZT) - Update
The NZ dollar has seen grinding appreciation against the CAD this week. For the most part, the NZ dollar has been dragged higher buy an in-demand Australian dollar as the odds of further easing from the RBA have fallen. The BOC decision overnight was of limited impact, but tonights employment and PMI numbers in Canada will be closely watched. The resistance at .8350 offers the next target for further NZD appreciation. Next week the RBNZ monetary policy announcement will offer the primary focus. With no actual change expected, the accompanying statement will likely highlight housing market, and ongoing relative strength of the NZ dollar as concerns. It seems likely that the recent .8150 -.8350 broader range will continue in the short term.
The current interbank midrate is:    NZDCAD 0.8293

The interbank range this week has been:    NZDCAD 0.8131 - 0.8317
 
Tuesday 3rd September 4:00PM (NZT)
This pair continues to establish the range it has been trading in for the last two weeks. Late week saw the NZD under period of considerable pressure, as geopolitical concerns increased risk aversion and the NZD was driven lower. However, these concerns abated a little over the weekend, and along with the better than expected Chinese manufacturing numbers, the demand for NZD has increased this week. This week sees the focus almost entirely based around Canadian data. The trade balance, BOC monetary policy meeting and employment numbers offer ample focus. Expect the rangy nature of the price action to continue in the short term at least.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8256 0.8150 0.8350 0.8131 - 0.8281

Friday 30th August 2.00PM (NZT) - Update
For the most part this week the NZDCAD has been driven by movements in the New Zealand dollar. As the NZD came under pressure in the early half of the week on the back of widespread risk aversion, the cross to the Canadian dollar traded down to its low of 0.8119. We saw a strong bounce off that low on Wednesday night as poor US pending home sales data sparked a good bounce in the NZD. In the last 24 hours the CAD has lost some ground as the market gets positioned for key GDP data out of Canada tonight. That data could well dictate near term direction. There is support around 0.8100 and resistance towards 0.8300. Expect those levels to contain trading into the early part of next week. Next week from Canada we have trade balance data, the Bank of Canada rate announcement, and employment figures all set for release.
The current interbank midrate is:    NZDCAD 0.8190

The interbank range this week has been:    NZDCAD 0.8119 - 0.8279
 
Tuesday 27th August 4:00PM (NZT)
Weakness in the New Zealand dollar last week on the back of the RBNZ’s announcement on loan-to-value ratios saw this pair trade down to just under 0.8200 before stabilizing. Yesterday we saw a recovery in the NZD that helped the cross to the CAD trade up to 0.8280 but the price quickly turned around from there. In the last few hours the pair has traded back towards 0.8200 as risk aversion swept through the market. This was caused by rumours of a US strike on Syria. Any strike is likely to be limited in nature and I expect this weakness will also be short lived with the pair expected to trade back up towards 0.8280. The only data out of NZ this week comes in the form of business confidence on Thursday and building consents on Friday. While out of Canada we get current account data out on Thursday night, and GDP data released Friday night.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8230 0.8200 0.8400 0.8191 - 0.8353

Friday 23rd August 2.00PM (NZT) - Update
After peaking on Monday, the New Zealand dollar lost a fair amount of ground to the Canadian dollar over the rest of the week. A good chunk of the NZD weakness was thanks to the announcement by the RBNZ on loan-to-value ratios. But losses for this pair in the second half of the week have slowed as poor data out of Canada saw the CAD also under some pressure. The cross has bounced from its lows of just under 0.8200 to currently trade near 0.8250. As long as 0.8200 supports the downside, we could see some further sideways consolidation and even a potential bounce to 0.8300. Below 0.8200 and the picture turns much more negative. The target would then be 0.8050. Inflation data out of Canada tonight will be closely watched as will GDP next week. While from New Zealand next week we have trade balance, business confidence, and building consents to digest.
The current interbank midrate is:    NZDCAD 0.8258

The interbank range this week has been:    NZDCAD 0.8194 - 0.8427
 
Tuesday 20th August 3:00PM (NZT)
For much of last week the New Zealand dollar appreciated against the CAD as solid NZ data kept the local currency well supported. Friday’s release of Canadian manufacturing sales came in below expectation and didn’t helped the CAD. This saw this pair trade to the highest level since late May at 0.8427. There has however been a quick turnaround from that peak in the last 24 hours, and it now trades near 0.8290. The move lower was aided by today’s RBNZ announcement on loan-to-value ratios for the banking sector. This has turned the picture somewhat negative for the pair. The target is now a test towards 0.8200. We will be further insight into the Canadian economy later this week with retail sales and inflation data set for release.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8295 0.8250 0.8450 0.8208 - 0.8427

Friday 16th August 2.00PM (NZT) - Update
This pair briefly traded to its highest level since early June last night, before quickly reversing some of those gains. The appreciation of the New Zealand dollar over the Canadian dollar this week has been helped by some strong retail sales figures out of NZ on Wednesday. Canada has had a lack of key data to focus on, however tonight we get manufacturing sales figures that will be closely watched. The reversal from recent highs last night at 0.8353 came in the wake of strong US unemployment claims data that added volatility across all markets. If we continue to see further appreciation the next level of resistance is around 0.8390. The downside should now be supported at 0.8200. Next week from Canada there’s retail sales and inflation data to focus on.
The current interbank midrate is:    NZDCAD 0.8345

The interbank range this week has been:    NZDCAD 0.8049 - 0.8353
Tuesday 13th August 3:00PM (NZT)
It has been an interesting last week for this pair. After starting the week under some intense pressure following the Fonterra whey powder issue, the NZD staged a grinding recovery. This increased demand was aided by the weaker than expected economic data in Canada. The resistance at .8350 contained the NZD resurgence, and the pair has settled down to trade comfortably within the range it has seen for the majority of the last six weeks. This week sees the NZ focus come in the form of the 2nds quarter retail sales numbers on Wednesday. In Canada the week is quiet for economic news, with just manufacturing sales numbers due for release on Friday. It seems likely the price action will again be contained within the broader .8150 .8350 this week.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8240 0.8150 0.8350 0.8042 - 0.8342

Friday 9th August 2.00PM (NZT) - Update
This pair opened up on its lows following the Fonterra whey powder issues that came to light in the weekend. Since then the NZ dollar has made a surprisingly strong recovery as the market digested the real implications of the situation. The weak Canadian news, along with USD vulnerability, has eased the way for the NZ dollar’s appreciation. The rise has finally stalled at the resistance at .8350. Canadian employment figures later on today provide the next focus. Next week NZ retail sales, and the Canadian manufacturing numbers will be closely watched. Further appreciation from the NZD should prove harder fought, with the .8350 level offered the initial, and not insubstantial resistance.
The current interbank midrate is:    NZDCAD 0.8253

The interbank range this week has been:    NZDCAD 0.8049 - 0.8342
Tuesday 6th August 1:45PM (NZT)
Although the NZ dollar saw periods of pressure from the CAD last week, the real lunge lower from the pair came after the Fonterra whey issues arose during the weekend. The support at .8050 has held and represents the downside target should we see any further NZD weakness this week. As further information has come to light, the NZ demand has returned and the pair sits comfortably off its lows at this time. The Fonterra dairy trade auction results later on today offer the initial focus for this pair. The NZ second quarter employment numbers on Wednesday will offer the remainder of the NZ focus for the week. In Canada, building permit and manufacturing data are on Wednesday also, and then the important employment numbers are on Friday. Expect the pair to range trade around the new lower levels, especially if the AUD remains heavy, and weighs on NZD sentiment.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8112 0.8050 0.8250 0.8049 - 0.8207

Friday 2nd August 2.00PM (NZT) - Update
It has been an interesting week for this pair. The NZD saw periods of intense pressure earlier in the week, as the weak AUD really weighed on demand for the NZ dollar. Once support at .8175 was breached, the pair sets the lows before a nice bounce ensued. Direction from current levels is unclear, as the pair struggles to break back through .8175. If the NZD sees renewed pressure, then the next target on the downside is the support at .8100. Next week sees the respective employment numbers provide the primary focus. Canadian trade balance, building permit and manufacturing numbers will also garner attention.
The current interbank midrate is:    NZDCAD 0.8172

The interbank range this week has been:    NZDCAD 0.8116 - 0.8309
Tuesday 30th July 4:45PM (NZT)
Last week saw muddled price action ahead of the RBNZ monetary policy announcement last Thursday. The CAD saw increased demand following the positive retail sales numbers, but the small gains were reversed following the strange pick up in NZD demand following the RBNZ meeting. The pair has stalled at the initial resistance at .8320 and since then the NZD has seen some pressure as the equity markets have struggled. This week sees the ANZ business confidence survey on Wednesday provide the focus in NZ. Also on Wednesday, in Canada, are the monthly GDP numbers which will be closely watched. The market’s reaction to the FED monetary policy announcement will probably provide the primary lead overall. To that end, it is hard to see them disappoint a market expected guidance towards September tapering, and this should temper any material NZD gains from the current levels.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8213 0.8175 0.8375 0.8159 - 0.8322

Friday 26th July 2.00PM (NZT) - Update
After a quiet start to the week this pair headed lower thanks to a combination of strong Canadian retail sales, that boosted demand for the CAD, and poor Chinese manufacturing data. That Chinese data saw the NZD sold off in sympathy with the AUD. The week’s lows traded in the lead up to the RBNZ’s monetary policy statement. That statement however was a little firmer than the market has been expecting and it helped to turned around the fortunes of the NZD. We have seen consistent demand for the NZD since then and overnight some soft US data has weighed on the CAD to a degree. This has seen the NZDCAD briefly trade up through 0.8300. The topside is still the risk with the next level of resistance coming in at 0.8375. Key data next week comes in the form of business confidence for NZ and GDP for Canada.
The current interbank midrate is:    NZDCAD 0.8310

The interbank range this week has been:    NZDCAD 0.8159 - 0.8322
Tuesday 23rd July 3:00PM (NZT)
The NZD saw grinding appreciation over the Canadian dollar last week. The CAD was dragged lower by the pressure on the USD, and this combined at the end of the week when the lower than expected Canadian inflation number came to light. The earthquakes in NZ over weekend saw the NZD give up some of Friday’s gains to start the week. But again the demand has increased in the last 24 hours, and this comes ahead of the Canadian retail sales number later on today. The NZ focus comes in the form of the monetary policy statement from the RBNZ on Thursday. No change is expected at this meeting, but any intimation of the timing of cash rate hikes expected in the coming year will be closely watched for. The resistance at .8300 seems the most vulnerable end of the range in a quiet week for data in the wider market.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8260 0.8100 0.8300 0.8179 - 0.8273

Friday 19th July 12.00PM (NZT) - Update
It’s been a week of mostly gains for this pair. Relative strength in the NZD in the early part of the week saw a recovery off the 0.8064 level.  The pair traded above 0.8200 before running out of steam and it started to drift lower again. But then came the Bank of Canada rate decision. As expected there was no change from the BOC, however  the accompanying statement seem to push back any expectation of a rate hike this year, and as a result the CAD came under some pressure across the board. This saw the cross trade up to its highs for the week at 0.8250. It has since drifted back to currently trade around 0.8200. There is still a small upside bias in the near term and we could see a test up toward resistance around 0.8300. There is little in the way of momentum though and this should limit gains for now. Dips should find support around the 0.8100 level. Any move below there would turn the outlook substantially weaker. But for now look for 0.8100 - 0.8300 to contain trade. Next week’s RBNZ monetary policy statement will be closely watched along with Canadian retail sales.
The current interbank midrate is:    NZDCAD 0.8206

The interbank range this week has been:    NZDCAD 0.8064 - 0.8250
Tuesday 16th July 3:30PM (NZT)
In the second half of last week the NZD succumbed to pressure from the CAD. For the most part this pressure was a product of increasing fear about the state of the Chinese economy and banking sector. More positive Canadian news also contributed. The pair finally found support at .8050 after easily pushing through the .8150 level. The start of the week has seen the Chinese GDP numbers hit expectation and this has alleviated pressure on the NZD to a certain extent. Today’s benign NZ inflation number was of limited impact. The focus is on Canada for the remainder of the week. Manufacturing numbers come later on today, ahead of the BOC monetary policy announcement on Wednesday, and inflation data Friday. Expect the pair to continue to trade with this more comfortable .8050/.8250 range in the coming week.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8160 0.8050 0.8250 0.8057 - 0.8302

Friday 12th July 2:45PM (NZT) - Update
We have seen a decent range in this pair over the last few days, with most of the action having been to the downside. Out of Canada this week we have had solid data on building approvals and housing starts. This has combined with upgraded forecasts from the IMF for Canadian growth, to support the CAD. It has managed to materially outperform the NZD, which has been weighed on by soft Chinese trade data and the rumour of a poor upcoming GDP figure from China. The move below support at 0.8150 is not a good sign, and the risk must now be of a test back towards 0.8000. Along with inflation data out of New Zealand next week, there is plenty of data from Canada to digest. These include manufacturing sales, the Bank of Canada rate announcement, and Canadian inflation.
The current interbank midrate is:    NZDCAD 0.8145

The interbank range this week has been:    NZDCAD 0.8071 - 0.8302
Tuesday 9th July 4:00PM (NZT)
The NZ dollar has outperformed the Canadian dollar over the last week, but the price action last been volatile at times. Friday saw better than expected Canadian and US employment numbers push the pair from its weeks highs to its lows within a few hours. But the start of this week saw that ground recovered as the tensions surround Greece and Portugal have eased. There is little news of material impact for either economy this week, so the lead will continue to come mainly from the wider market and particular the fortunes of the US dollar.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8235 0.8150 0.8350 0.8139 - 0.8266

Friday 5th July 2:45PM (NZT) - Update
This pair has continued to be dominated by movements in the New Zealand dollar. In line with strength in the NZD overnight, the NZDCAD cross is higher currently testing resistance around 0.8250. Tonight will be important however, and the CAD could become the driving force for the pair. This is because we have key employment data out of both Canada and their biggest trading partner, the US. These two results are likely to dictate near term direction. Next week we get data on Canadian building permits and housing starts along with the Bank of Canada BOC) business outlook survey. Readings on the NZ manufacturing sector and business confidence could also impact.
The current interbank midrate is:    NZDCAD 0.8226

The interbank range this week has been:    NZDCAD 0.8139 - 0.8266
Tuesday 2nd July 3:00PM (NZT)
Movements in the NZD seem to have been the driving force of this pair over the last few days. As the New Zealand dollar sank on Friday evening so did this cross, and the resulting recovery in the NZD has seen the pair back up close to the week’s highs. There is good resistance between 0.8230-0.8250, and this should prove difficult to overcome in the near term. With little in the way of economic data out of New Zealand this week, the focus will be on Canadian data. To that end we get trade balance on Thursday followed by employment data on Friday. With the US being Canada’s biggest trading partner, US employment figures also out on Friday can have a big impact on the pair.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8202 0.8100 0.8250 0.8096 - 0.8227

Friday 28th June 3:15PM (NZT) - Update
With no data out of Canada so far this week to trade off, the CAD has struggled in the wake of last week’s soft retail sales and inflation data. The serious flooding around Calgary has also weighed on the Canadian dollar that has been outperformed this week by the NZD. As a result the cross has recovered from recent lows and is currently trading just above 0.8150. Support at 0.8100 has contained the downside so far this week, and further tests above 0.8200 seem likely. Resistance towards 0.8250 however, will not be easy to overcome with current trading showing little real momentum. So we can expect action to be contained between 0.8100 - 0.8250 for the near term. We do get Canadian GDP figures out early tomorrow morning that have the potential to impact the pair, and next week sees both trade balance and employment data released.
The current interbank midrate is:    NZDCAD 0.8177

The interbank range this week has been:    NZDCAD 0.8096 - 0.8227
Tuesday 25th June 3:20PM (NZT)
The NZDCAD suffered last week as the CAD materially outperformed the NZD in the wake of the Fed announcement on tapering. A weaker GDP reading for New Zealand only magnified the move as the pair trade down below 0.8000. However Friday night saw Canadian retail sales and inflation hit the wires and both pieces of data disappointed. This caused increased selling pressure on the CAD as it played some catch-up to weakness in the NZD. As a result the cross has recovered substantially and it is now close to where it was before the Fed announcement. Currently trading around 0.8150, there is easily potential for a test to resistance at 0.8250. Look for support around 0.8000 to continue to contain the downside for now. Canadian GDP is out at the very end of the week but before that we get trade balance and business confidence from New Zealand.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8145 0.8050 0.8250 0.7991 - 0.8207

Friday 21st June 3:45PM (NZT) - Update
There was little real direction for this pair ahead of the US Fed meeting. Some market jitters saw the pair lose ground from its highs in the early part of the week, only to recover heading into the announcement. After Bernanke signalled a scaling back of QE in the coming months, the New Zealand dollar materially underperformed against the Canadian dollar and the cross traded down to 0.8000 from 0.8200 previously. We have so far seen a small recovery as the pair moves back to just under the 0.8100 level. Next week we get NZ trade balance and business confidence, as well as Canadian GDP.
The current interbank midrate is:    NZDCAD 0.8075

The interbank range this week has been:    NZDCAD 0.7991 - 0.8224
Tuesday 18th June 3:30PM (NZT)
There has been little out of Canada recently to alter the current solid outlook for their economy. This has kept the Canadian dollar well supported and recent moves in this pair have been driven by the New Zealand dollar. As the NZD recovered from its lows early last week, so did the NZDCAD. The recovery took it from 0.7950 all the way up to 0.8250, where it finally ran out of legs. Some weakens in the NZD last night has seen the pair trade back to 0.8150. Topside resistance between 0.8250 and 0.8300 will prove tough to overcome and should cap any strength in the near term. We can expect plenty of volatility over the coming days with NZ data in the form of current account and GDP, and well as the US Fed meeting.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8135 0.8100 0.8300 0.7946 - 0.8256

Friday 14th June 3:15PM (NZT) - Update
Last week’s strong economic data out of Canada has kept the Canadian dollar well supported. That combined with a soft New Zealand dollar in the early part of this week saw the NZDCAD cross make fresh lows for 2013 at 0.7946. There has been a strong recovery off those lows however, as the NZD has made broad based gains in the last couple of days. I would expect to see support now on any dips toward 0.8100 with the focus on a test of resistance around 0.8300 in the coming days.
The current interbank midrate is:    NZDCAD 0.8200

The interbank range this week has been:    NZDCAD 0.7946 - 0.8240
Tuesday 11th June 3:20PM (NZT)
For most of last week the CAD outperformed the NZD as the pair ground lower in choppy trade. Friday’s release of Canadian employment was a big surprise to the market showing one of the strongest monthly gains on record. This saw a dramatic increase in demand for Canadian dollars and the cross rate collapsed from 0.8150 to trade below 0.8000. Those employment numbers come on the back of other strong Canadian data last week, and should result in continued support for the CAD going forward. There is support for the pair around 0.7970 which might contain the downside for now, but further tests lower are likely. I would expect resistance around 0.8100 to cap any upside action in the near future.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8037 0.7970 0.8110 0.7993 - 0.8324

Friday 7th June 5:15PM (NZT) - Update
As with most NZD crosses, weakness in the NZD has seen this pair trade down to recent lows. In fact the NZDCAD now trades at levels last seen in January. Some better data out of Canada has helped, but it’s mostly been a story of a soft NZD. There is some support around the 0.8200 level, but a sustained move below there will likely see 0.8100 tested. Expect plenty of action tonight with Canadian and US employment figures set for release. Next week’s focus will be on the RBNZ rate decision and Canadian housing data.
The current interbank midrate is:    NZDCAD 0.8182

The interbank range this week has been:    NZDCAD 0.8173 - 0.8352
Tuesday 4th June 4:50PM (NZT)
This pair continues to trade within the broader range that we have seen establish over the last month. The NZD saw periods of intense pressure in the later part of last week, as the upbeat US economic news pushed down all the currencies boasting higher cash rates, like the NZD. The beater than expected Canadian GDP data on Friday, further enhanced the pressure on the NZD. However, this week has started on a different note with some weaker than expected US data, and this saw the NZD surge higher in the overnight market. The Canadian economy provides the entire data focus this week. Building, manufacturing and employment numbers are joined by the first address by new BOC Governor Poloz on Thursday.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8290 0.8250 0.8450 0.8220 - 0.8364

Friday 31st May 2:25PM (NZT) - Update
For the early of this week the NZ dollar has seen grinding appreciation over the CAD. This positive early tone came from the Fonterra pay-out announcement, and generally positive sentiment in the wider market. However, over the last few days the sentiment turned and the pair has seen a reversal of fortunes.  A more positive tone from the BOC at their monetary policy meeting provided the initial impetus for the increasing demand for the CAD. Next week sees the focus completely on Canada in the absence of any scheduled NZ economic news.
The current interbank midrate is:    NZDCAD 0.8336

The interbank range this week has been:    NZDCAD 0.8302 - 0.8465
Tuesday 28th May 4:50PM (NZT)
The NZDCAD seems very comfortable around the 0.8350 level recently, having gravitated back there after any strength or weakness over the past week. The overall trend of the past five weeks has been one of a pullback from the elevated levels around 0.8750. If the market can continue to consolidate around current levels, we may see the pair try to stage a recovery. The first line of resistance is around 0.8420. A sustained move above there would open the way for further gains. Initial downside support comes in at 0.8320.
  Current Level Support Resistance Last week's range
NZD/CAD .8362 .8200 .8400 .8319 - .8414

Friday 24th May 3:00PM (NZT) - Update
After making fresh lows at the very end of last week, the NZDCAD recovered back above 0.8350 on Monday. It then spent most of this week trading sideways in a tight range between that .8350 level and 0.8400. Yesterday’s weakness in the NZD saw it dip down to 0.8320, but it quickly recovered back to the 0.8400 level. There has been little economic news of note in either country this week, and the moves have been driven by offshore volatility. It looks like we can expect more of the same on the coming days, with 0.8300 - 0.8400 the broad range. A sustained move above 0.8400 will target the next resistance level of 0.8480. Dips toward 0.8300 should continue to find support in the near term.
The current interbank midrate is:    NZDCAD .8354

The interbank range this week has been:    NZDCAD .8291 - .8414
Tuesday 21st May 3:50PM (NZT)
Late on Friday afternoon this pair was testing support around 0.8250, and the NZD was looking heavy. That support held however ,and the resulting bounce gained momentum after the release of Canadian inflation data. It come in at very low levels and undermined recent support for the CAD. Initial resistance at 0.8400 has been tested and so far at least, has capped the bounce. Further tests of the topside look likely with the only data out of Canada this week being  the latest monthly retail sales numbers, and these should be of limited impact.
  Current Level Support Resistance Last week's range
NZD/CAD .8385 .8200 .8400 .8262 - .8406

Friday 17th May 4:40PM (NZT) - Update
This pair has spent the last three weeks pulling back from recent highs. However, this week has most of the price action drifting sideways around 0.8350 in less than inspiring trade. This changed with the bout of NZD weakness in the last 24 hours. The pair has headed lower, and taken out the important 0.8300 level. This leaves the pair looking increasingly vulnerable, with the low so far been 0.8266. If support toward 0.8250 can contain the weakness, there is scope of a corrective bounce with initial resistance around 0.8400. But the recent trend is to the downside, and the concept of “averaging” would be useful in the current environment.
The current interbank midrate is:    NZDCAD .8282

The interbank range this week has been:    NZDCAD .8264 - .8428
Tuesday 14th May 3:15PM (NZT)
The CAD has continually outperformed the NZD over recent weeks. That has seen the cross march lower from the highs of 0.8780 seen one month ago. There is some support around 0.8300, and indeed the pair is currently bouncing off the recent low made yesterday of 0.8320. With such a dominant near term trend in play, picking a bottom of the move is a high risk strategy. Only move back up through 0.8420 could change the short term outlook. That would be the first sign that a broader corrective rally might be underway, at which point the upside target would move to 0.8500. Until then the downside is still in focus.
  Current Level Support Resistance Last week's range
NZD/CAD .8365 .8300 .8500 .8320 - .8575

Friday 10th May 2:40PM (NZT) - Update
The CAD has out performed the NZD this week, keeping the recent downtrend in play. The recovery off the week’s low at 0.8411, after better than expected employment data ran out of steam as it approached 0.8500, and the cross has started to look a little weak again. While below 0.8500 the focus is still firmly on the downside. A test of the March 15th low at 0.8390 could be on the cards and the reaction there will be key in setting the near term tone.
The current interbank midrate is:    NZDCAD .8440

The interbank range this week has been:    NZDCAD .8411 - .8615
Tuesday 7th May 5:15PM (NZT)
The NZDCAD finished last week on a firm note thanks to a bout of CAD weakness and NZD strength. The rate bounced from 0.8530 to briefly trade over 0.8625. This move feels corrective though, within the broader theme of a turn down from recent highs. The pair is now giving back these recent gains and is currently trading around 0.8575. Another test of support is likely this week with the downside still the focus. However, with key employment numbers out of both NZ and Canada, the pair will likely see further volatility within its recent range.
  Current Level Support Resistance Last week's range
NZD/CAD 0.8555 0.8500 0.8700 0.8533 - 0.8633
 
Friday 3rd May 2:25PM (NZT) - Update
This pair has had an interesting week. It has broken down through a number of support levels, and now looks rather vulnerable on the charts. Broad CAD strength that carried over from last week was underpinned by some more firm data, the most notable of which was GDP. Add into the mix a NZD that came under pressure in line with the AUD, and you have a NZDCAD rate that traded from it’s highs of 0.8686 down to a low on the week of 0.8533. With key support around 0.8550 briefly taken out the risk is for further downside tests. It’s looking increasingly unlikely that the pair will get back to test the highs above 0.8700 seen earlier this month, and I suspect we have seen a medium or even long term top at those levels. A sustained move below 0.8550 will reinforce this view.
The current interbank midrate is:    NZDCAD .8596

The interbank range this week has been:    NZDCAD .8533 - .8686
Tuesday 30th April 4:15PM (NZT)
The NZD and CAD have both been strong against other currencies this week. This is thanks to stronger commodity prices, and a relatively positive outlook for both economies going forward. The recent range of the past three weeks is still holding, with support toward 0.8600 and resistance around 0.8750. Although that defines trading for now, the bigger picture is one of slight outperformance by the NZD that is seeing cross rate edge higher in the long run. Key US employment data at the end of the week has the potential to move the CAD more than the NZD, and hence a number outside of expectation could see either extreme of the recent range tested.
  Current Level Support Resistance Last week's range
NZD/CAD .8660 .8500 .8700 .8601 - .8741

Tuesday 23rd April 6:15PM (NZT)
The Canadian dollar has finally started to put some pressure on the NZ dollar. Today’s NZD weakness follows the disappointing Chinese manufacturing numbers that come as the global growth profile continues to soften. With the RBNZ and BOC is very similar situations, expect the latest retail sales in Canada, and BOC Governor  Carney speech later on today(Tuesday) to be closely watched. Tomorrow sees the RBNZ monetary policy announcement take centre stage. Even the current levels offer very good value buying of CAD with NZ dollars, albeit at lower levels than seen in the last couple of weeks.
  Current Level Support Resistance Last week's range
NZD/CAD .8618 .8500 .8700 .8609 - .8694

Friday 19th April 4:02PM (NZT) - Update
Resistance at .8700 has been able to contain the NZ demand on this pairing this week. The CAD put initial pressure on the NZ dollar as the wider market saw sharply increased risk aversion to start the week. However, the NZ dollar bounced sharply from the lows and the pair spent the middle part of the week trading in a contained, but elevated part of the recent range. Overnight the BOC reiterated their stance that their next action would be to hike the cash rate. In the face of the accompanying downward revision of the 2013 growth expectation, the CAD has again found some ascendancy over the NZD. After today's Canadian inflation numbers, Canadian retail sales numbers on Tuesday offer focus ahead of the RBNZ monetary policy statement on Wednesday next week. Even at current levels, buying CAD with NZ dollars looks great from a historical perspective.
The current interbank midrate is:    NZDCAD .8641

The interbank range this week has been:    NZDCAD .8599 - .8700
Tuesday 16th April 4:42PM (NZT)
The NZ dollar saw further increases against the CAD for much of the last week. However after setting the highs, the CAD finally showed some fight. Helping the cause were the weaker US and Chinese numbers, as they really turned the risk appetite on its head. The NZ dollar has seen renewed pressure following the terror events in Boston and this will likely cap too much NZD appreciation in the short term. This week will see the Canadian manufacturing numbers tonight provide focus ahead of the NZ inflation numbers on Wednesday. What should be an unchanged monetary policy decision will come later on Wednesday, ahead of the Canadian inflation numbers on Friday.
  Current Level Support Resistance Last week's range
NZD/CAD 86.65 .8500 .8700 .8600 - .8769

Friday 12th April 2:02PM (NZT) - Update
Wider market demand for NZ dollars has seen this pair move materially higher this week. The resistance at .8650 offered a temporary pause before the relentless NZD momentum continued its course. The brief look over .8750 seems to have been a step too far and the pair is consolidating more comfortably around current levels. Next week will see the bulk of the lead come from a myriad of Canadian data, alongside the NZ inflation number on Wednesday. Over time, it seems likely current levels will prove to have offered excellent value buying of CAD with NZD.
The current interbank midrate is:    NZDCAD .8715

The interbank range this week has been:    NZDCAD .8551 - .8769
Tuesday 9th April 4:51PM (NZT)
The Canadian dollar had managed to contain the NZ dollar for the majority of last week ahead of the very disappointing Canadian employment numbers. The CAD saw saw pressure following the numbers and not even better than expected manufacturing number were able to contain the pressure. This pressure has spilled further into this week and the pair finds itself at recent high levels. Weak US economic news of late has certainly helped undermine demand for the CAD. Further appreciation from current levels should be harder fought from the NZ dollar in the absence of further data this week. The Canadian focus comes in the form of the latest building permit data later on today, but this should have limited impact on the price action.
  Current Level Support Resistance Last week's range
NZD/CAD .8628 .8450 .8650 .8494 - .8636

Friday 5th April 4:28PM (NZT) - Update
This pair has traded a comparatively tight range this week. The NZD saw grinding appreciation early on. Rumoured re-insurance flows and the strong GDT auction results provided the lift higher. However the USD saw increased demand following yesterday’s BOJ monetary policy announcement, and this saw the CAD dragged higher to reverse the NZD's earlier gains. So the pair sits at increasing familiar, if somewhat elevated levels as we approach the Canadian data later today. Next week will see the Canadian data the focus again, with the NZIER Business Confidence survey of passing influence.
The current interbank midrate is:    NZDCAD .8497

The interbank range this week has been:    NZDCAD .8494 - .8560
Tuesday 2th April 4:00PM (NZT)
This pair has seen a relatively contained range throughout the course of the last week. It remains up towards the upper end of the recent range, and is at levels that constitute great value buying of CAD with NZ dollars. In the absence of any NZ economic data this week, expect somewhat dreary trade ahead of the Canadian employment, trade balance and manufacturing numbers on Friday. A consolidated move higher in the longer end interest rates is needed for a material bounce in demand for CAD, and this will be forth coming if the higher inflation numbers continue like last week.
  Current Level Support Resistance Last week's range
NZD/CAD .8520 .8400 .8600 .8489 - .8534

Tuesday 26th March 4:10PM (NZT)
Following the strong NZ 4th quarter GDP numbers last week, the NZ dollar appreciated against the Canadian dollar. Initial resistance at .8550 has tempered further appreciation so far this week, and this will again offer the first real resistance should the NZD see further increased demand. Overall the pair remains contained within recent ranges, albeit at levels that should prove to have offered great value buying of CAD with NZ dollars over time. A Canadian focus will provide the lead this week for this pair. Inflation numbers on Wednesday come ahead of the latest GDP numbers Thursday.
  Current Level Support Resistance Last week's range
NZD/CAD .8515 .8400 .8600 .8423 - .8551

Friday 22nd March February 4:15PM (NZT) - Update
Initially this pair was contained by a tight range this week. Yesterday’s large NZ GDP number proved to be the turning point as demand for NZ dollars materially increased. Even with the solid rise in the offshore markets overnight, the pair remains contained within the recent .8400 - .8600 range. Initial resistant comes in at .8550 and this level will likely contain the price action ahead of next week. In the absence of any material NZ news next week, the focus comes from Canadian inflation and GDP numbers on Wednesday and Thursday. These come before the annual budget which will also garner considerable attention, but should be of limited impact in the short term.
The current interbank midrate is:    NZDCAD .8521

The interbank range this week has been:    NZDCAD .8411 - .8546
Tuesday 19th March 3:58PM (NZT)
The NZ dollar saw some solid pressure from the CAD following the RBNZ monetary policy statement last week. The NZD has recovered some of the lost ground in recent sessions, but the pair remains in the lower end of the recent trading range. This week sees the NZ 4th quarter GDP number offer a NZ focus, whilst Canadian manufacturing and retail sales data offers economic insight in Canada. The 8400 level remains the initial target for further CAD appreciation. Consolidation through that level is key for this pair to return to levels closer to it's historical average.
  Current Level Support Resistance Last week's range
NZD/CAD .8428 .8400 .8600 .8383 - .8489

Friday 15th March February 4:15PM (NZT) - Update
The NZ dollar has seen increased pressure from a resurgent CAD this week. The pressure really came following the RBNZ monetary policy statement, and has been backed up by increasing export prices for Canadian goods. For the time being the pair has consolidated at levels just above support at .8400. This level remains the key to direction in the short term. Along side various second tier data releases and the monthly retail sales number in Canada next week, the NZ GDP number on Thursday will provide a primary focus. Overtime the current levels should prove to have offered good value buying of CAD with NZ dollars, even at the lower end of the recent elevated range.
The current interbank midrate is:    NZDCAD .8391

The interbank range this week has been:    NZDCAD .8388 - .8495
Monday 11th March 4:01PM (NZT)
It was an interesting last week for this pair. The BOC's move back to neutral from its previous tightening bias comes after months of softening economic data. Ironically, the employment number on Friday in Canada saw a jump in new jobs and this helped pressure the NZD back from its lofty highs earlier in the week. Following the weekends soft Chinese numbers, the pressure may remain on the NZ dollar and the focus may come onto the .8400 support level in the short term. This will have to be assisted by renewed demand for the USD, in the absence of any material news in the Canadian economy. For those needing to buy CAD in the short term, targeting the low .8400's at the inter bank level looks to offer value.
  Current Level Support Resistance Last week's range
NZD/CAD .8451 .8400 .8600 .8419 - .8595

Friday 8th March February 4:00PM (NZT) - Update
The NZ dollar has again seen appreciation against the Canadian dollar this week. The GDT auction results provided an initial boost and when coupled with the CAD weakness following the shirft towards a "neutral monetary policy bias" from the BOC, saw a brief attack at resistance at .8600 follow. Since then the pair has settled back down to slightly less elevated levels. Canadian employment numbers due later today round out an interesting week. Any opportunity to buy CAD with NZ dollars up towards resistance at .8600 offers very good value buying of CAD.
The current interbank midrate is:    NZDCAD .8516

The interbank range this week has been:    NZDCAD .8446 - .8595

Tuesday 5th March 4:53PM (NZT)
This pair has consolidated back from the record high level seen the previous week. Friday's GDP result saw the NZD open up this week under renewed pressure, but today's Australian data has dragged the NZD back higher. In the absence on any NZ economic news this week, look to Canada for the lead for this pair. The BOC monetary policy statement on Wednesday and employment numbers Friday will be of primary focus. Current levels continue to offer good value buying of CAD with NZD.
  Current Level Support Resistance Last week's range
NZD/CAD .8488 .8400 .8600 .8439 - .8554

Friday 1st March February 4:33PM (NZT) - Update
The early appreciation from the NZ dollar was contained by the resistance around .8600. There has been limited top tier economic news in either economy this week. Elevating concern about the dry growing conditions in NZ undermined demand for NZD through the belly of the week. Certainly the NZ dollar upside momentum has waned and the pair looks like trying to consolidate around the current levels.  From a historical perspective the current pricing offers great value buying of CAD with NZ dollars, albeit this opportunity may continue in the short term. The barrage of Canadian news and central bank announcement means the CAD will be the primary driver of the pair in the coming week.
The current interbank midrate is:    NZDCAD .8517

The interbank range this week has been:    NZDCAD .8439 - .8608
Tuesday 26th February 3:53PM (NZT)
The last week has seen further NZD strength against the beleaguered Canadian dollar. However the pull back from the highs earlier on today will encourage those waiting for some kind of NZ dollar softening. Certainly the pair looks to have established solid resistance above the current levels and the NZD would have to see sustained demand to forge new highs for this move. With little in the way of top tier economic data in NZ this week, the focus is provided by the Canadian GDP numbers on Friday.
  Current Level Support Resistance Last week's range
NZD/CAD .8552 .8400 .8600 .8479 - .8608

Friday 22nd February 4:10PM- Update
The NZ dollar hit levels against the Canadian dollar this week that have not been seen since 2005. Whilst those highs were brief, the pair remains at elevated levels, that look to be driven by pressure on the CAD predominantly coming from the US dollar. The cautionary words from RBNZ Governor pulled the NZD back from the highs and the pair has traded a very contained range in the sessions since.  The key for this pair remains resistance at .8550, if the pair is unable to consolidate through this level, then the CAD demand should build to see the pair test lower levels. Current levels certainly offer great value buying of CAD with NZ dollars.
The current interbank midrate is:    NZDCAD .8515

The interbank range this week has been:    NZDCAD .8479 - .8591
Tuesday 19th February 3:50PM (NZT)
The Canadian dollar remains under pressure from the NZD. To start this week the pair saw levels not seen since 2005, as USD renewed pressure on the CAD, and dragged the NZD higher for the ride. With little in the way of economic news, lower levels of liquidity in what was a US banking holiday look to be behind the move. Needless to say, current levels offer great value buying of CAD with NZ dollars. With just the speech from RBNZ Governor Wheeler to provide focus in NZ this week, the Canadian inflation and retail sales numbers on Friday will be closely watched. The CAD seems to be suffering from capital flows back into the US from Canada, as the economy in the US slowly recovers, so further weakness cannot be discounted for the CAD in the coming months.
  Current Level Support Resistance Last week's range
NZD/CAD .8512 .8350 .8550 .8400 - .8553

Friday 15th February 4:10PM- Update
The NZ dollar has seen a week of grinding appreciation over the Canadian dollar. With limited news in either economy ahead of today's impressive NZ retail sales numbers, there seems to be a latent demand for NZ dollars. The retail sales number saw a further boost to demand and this flourish saw the highs set for the week, and since 2004. If last weeks levels offered good value buying of CAD with NZ dollars, then current levels look to offer great value. Just how long the current NZD momentum can be maintained remains to be seen. Next week Canadian data dominates the focus. The inflation and retail sales numbers will be closely watched and will be of direct impact to this pair.
The current interbank midrate is: NZDCAD .8513
 
The interbank range this week has been: NZDCAD .8372 - .8536

Tuesday 12th February 5:50PM (NZT)
The strong Canadian manufacturing numbers gave the CAD a kick start last week. This momentum was added to by the very weak NZ employment number which resulted in the pair hitting the lows for the week. Unfortunately for the CAD, the Canadian employment numbers were materially weak also, and this saw the NZ dollar take back a good portion of its lost ground. So the pair remains in what has become familiar territory, with the NZD dollar at historically elevated levels. A speech by outgoing BOC Governor Carney provides the focus later on today, ahead of the NZ retail sales number on Friday.
  Current Level Support Resistance Last week's range
NZD/CAD .8407 .8250 .8450 .8293 - .8434

Tuesday 5th February 6:10PM (NZT)
This pair sits at similar levels to this time last week, albeit the pair has traded a fair range in the meantime. The NZD weakened considerably ahead of last week’s RBNZ monetary policy announcement. The subsequent bounce was as impressive as it was surprising, and was only curbed following the better than expected Canadian GDP number on Friday. The current levels continue to offer good value buying of CAD with NZD from a historical perspective as we head into a busy week of news for the pair. In NZ, the 4th quarter employment numbers on Thursday are the primary focus. Whilst in Canada the monthly manufacturing, employment and trade balance numbers provide the focus.
  Current Level Support Resistance Last week's range
NZD/CAD .8412 .8250 .8450 .8322 - .8458

Tuesday 29th January 4:55PM (NZT)
The Canadian dollar remained under pressure last week as the market digested the lower growth expectations from the BOC. The corresponding pushing out of cash rate hike expectations could see the NZD remain at elevated levels in the short term. This week’s focus comes from the RBNZ monetary policy decision and the Canadian GDP number on Thursday. Expect no change to the current 2.50% cash rate from the RBNZ, and a possibility that the accompanying statement will try and undermine demand for the NZD. Current levels will likely prove to have offered good value buying of CAD with NZD over time.
  Current Level Support Resistance Last week's range
NZD/CAD .8407 .8250 .8450 .8331 - .8462

Tuesday 22nd January 3:55PM (NZT)
This pair has traded a very tight range over the last week. The lows were set following the sharp fall after the lower than expected NZ inflation number. However, the weakness was short lived as latent demand for NZD saw the pair bounce quickly back before consolidating around the current levels. This week the focus is dominated by Canadian news. Retail sales later on today (Tuesday) is followed by the BOC monetary policy statement on Wednesday and inflation numbers Friday. Expect further consolidation around current levels in the short term. This will extend the opportunity to buy good value CAD with NZ dollars.
  Current Level Support Resistance Last week's range
NZD/CAD .8310 .8150 .8350 .8241 - .8311

Tuesday 15th January 4:55PM (NZT)
On Friday in the offshore session, the NZD finally finished its recent grinding appreciation against the Canadian dollar. The turnaround saw it tumble in the session and erased most of its week’s gains. The risk sentiment turned as the market digested the fact that the ECB were unlikely to move their cash rate lower in the coming months. The NZ did recover somewhat to start this week, but the improved Canadian business outlook numbers have seen CAD demand re-emerge. The remainder of the week will see the NZ inflation and Canadian manufacturing numbers provide the focus. Current levels look to offer relatively fair value when considering the recent range.
  Current Level Support Resistance Last week's range
NZD/CAD .8270 .8150 .8350 .8230 - .8328

Tuesday 18th December 2012 5:10PM (NZT)
The NZD broke through resistance at .8250 early last week. This opened up the way for some impressive appreciation toward the next resistance at .8350. This week has seen the NZ dollar start to give up some of its gains. The NZ 3rd quarter GDP on Thursday provides the final data focus for the week. In Canada on Thursday we get retail sales ahead of the latest inflation and growth numbers on Friday. After such a good run from the NZ dollar, even current levels look to offer good value buying of Canadian dollars with NZD.
  Current Level Support Resistance Last week's range
NZD/CAD .8300 .8150 .8350 .8236 - .8350

Tuesday 11th December 2012 3:45PM (NZT)
The NZ dollar saw periods of solid demand against the CAD last week. The primary driver was the release of the balanced RBNZ monetary policy statement. After hitting resistance at .8250, the pair lost momentum. The positive news from the Nexen deal approval in Canada increased demand for the CAD to start this week. The pair remains at somewhat elevated levels, but well within the .8050 - .8250 recent wider trading range. Current levels look to offer good value buying of CAD with New Zealand dollars.
  Current Level Support Resistance Last week's range
NZD/CAD .8238 .8050 .8250 .8168 - .8260

Monday 3rd December 2012 4:52PM (NZT)
This pair continues to trade around in its recently familiar and contained range. The NZD starts the week under some pressure and with some weak Australasian data and the prospect of an easing from the RBA leaning on the NZ dollar. For those looking to move funds from Canadian dollars in to NZD, this renewed weakness will be welcomed. The initial support comes in at .8100 ahead of the further support at the lower end of the wider range (.8050).
  Current Level Support Resistance Last week's range
NZD/CAD .8137 .8050 .8250 .8120 - .8196

Tuesday 27th November 2012 4:44 PM (NZT)
This pair continues to trade within what has become a familiar range over the last six weeks or so. This week is again a quiet one for economic news, with just NZ business confidence on Thursday ahead of the monthly GDP numbers in Canada on Friday. Next week provides some solid central bank focus with the BOC monetary policy announcement on Wednesday, coming ahead of the RBNZ on Thursday. Canadian manufacturing and employment numbers on Thursday and Friday respectively round out what should be an interesting first week of December.
  Current Level Support Resistance Last week's range
NZD/CAD .8163 .8050 .8250 .8090 - .8188

Tuesday 20th November 2012 3:56 PM (NZT)
The NZD initially started stronger against the Canadian dollar last week. The poor Q3 NZ retail sales number saw that strength completely reversed and the Canadian dollar pressured the NZD for much of the remainder of the week. A late bounce from the lows was driven by improved sentiment in the wider market, and this has certainly continued into this week. Yesterday’s strong result for the October BNZ Services survey has further fuelled demand for the NZD. The French credit downgrade has been of limited impact at this stage and the pair sits comfortably below the initial resistance at .8180. The focus for this week is certainly based in Canada, with the retail sales and inflation numbers later in the week.
  Current Level Support Resistance Last week's range
NZD/CAD .8155 .8050 .8250 .8084 - .8214

Tuesday 13th November 2012 4:55 PM (NZT)
The NZ dollar saw a dramatic fall in demand following last week’s NZ employment numbers. The move took the pair from close to the highs of last week’s range to set the lows. Since then we have seen mild NZ dollar appreciation as the wider market sentiment has improved a little. This week sees little in the way of economic news in Canada, so expect the Q3 NZ retail sales numbers on Wednesday to provide the bulk of the focus. Should the wider market risk aversion increase, the initial downside target for this pair remains support at .8100. A break of this level would open up the way for a move back towards more historically average levels for the pair.
  Current Level Support Resistance Last week's range
NZD/CAD .8168 .8100 .8300 .8118 - .8242

Entries previous to this have been deleted as there are time sensitive and lose value as time progresses. Please refer to our charts page for price action on a historical basis. The chart page can be seen here : http://www.directfx.co.nz/CurrencyChart.html