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NZD to CAD – Canadian Dollar to New Zealand Dollar

When converting New Zealand dollars to Canadian dollars (NZD to 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/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.

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Historical Ranges: 1 year 5 years 10 years
NZD/CAD .8323 – .9273 .8245 – .9922 .6143 – .9922

Current Official Cash Rates:
Reserve Bank of New Zealand (RBNZ): 0.25%         Bank of Canada (BoC): 0.25%

The New Zealand Dollar (NZD) recovered hard off 0.8630 midweek against the Canadian Dollar (CAD) to shoot up to 0.8780 as risk mood improved and Canadian data disappointed. Canadian Retail Sales come in a poor 0.4% after 1.0% was predicted. Aussie CPI is next week along with the Bank of Canada rate statement and monetary policy release. Canadian CPI for the month of September released at -0.1% bang on expectations, except for a slip to -0.7% in April numbers we have seen CPI above zero over the past few months. The question is, is this a proper re-alignment of a deflationary cycle for the Canadian economy on the horizon. The good news is that year on year it improved to 0.5% up from 0.1% in August y/y. Is it time to reassess quantitative easing policy? Perhaps this is something needing attention as coronavirus worsens.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8762
The interbank range this week has been: NZDCAD 0.8626- 0.8782

Recent talk from the Bank of Canada’s Poloz has kept the Canadian Dollar (CAD) offered into this week with price up at 0.8760. Risk sentiment into Tuesday has however taken price back to 0.8710 with the kiwi selling off, after recent pessimistic prospects of a US fiscal deal being done together with Eli Lilly pharmaceutical company suspending coronavirus vaccine trials. Looking ahead to the end of the week we have Canadian monthly CPI and NZ quarterly CPI releasing. I doubt we will see too much downside this week with the kiwi, anything lower than 0.8680 would be a surprise.

Exchange Rate
Current Level: 0.8690
Resistance: 0.8760
Support: 0.8680
Last Weeks Range: 0.8691-0.8780

Topside momentum for the New Zealand Dollar (NZD) through 0.8770 proved a step too far Thursday failing to break higher against the Canadian Dollar (CAD) with price back at 0.8710 early Friday. The Loonie is still riding off last week’s strong jobs numbers with unemployment tracking from August’s 10.2% to 9.0% in September showing what easing restrictions does to an economy. Bank of Canada’s Poloz spoke about low rates for a generation and new coronavirus restrictions in Quebec and Ontario may devalue the CAD for a few days. Support around 0.8600 should hold.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8721
The interbank range this week has been: NZDCAD 0.8696- 0.8778

The Canadian Dollar (CAD) has been supported in recent sessions by a pickup in global sentiment, rebound in oil prices and decent economic data. Price drifted off at the weekly outset from 0.8750 to 0.8710 looking bearish in early Tuesday sessions. The Canadian Unemployment number was exceptional, falling from August’s 10.2% to 9.0% in September showing how easing coronavirus restrictions for businesses and workplaces had improved the economic environment. The net change rose by 378,000 in September compared to forecasts of 156,000 which contributed to bringing down the unemployment rate. Nothing to highlight on the weekly calendar in the pair, suggesting direction should be governed by offshore political influences. Our prediction is for the kiwi to recover back to 0.8800.
Exchange Rate
Current Level: 0.8716
Resistance:0.8780
Support: 0.8670
Last Weeks Range: 0.8671-0.8826

The New Zealand Dollar (NZD) has fallen away sharply lower over the week to reach 0.8680 after starting out around the 0.8830 area against the Canadian Dollar (CAD). To be honest it’s a bit of a surprise to see the kiwi fall so far, risk sentiment hasn’t been all that good but generally the CAD has been boosted favorably in recent sessions on the recovery in sentiment, oil prices and Trudeau’s massive spending plan. Trudeau has managed to pass an economic plan to get through Canada through the second wave of coronavirus. We don’t expect the kiwi to dip much further this week, certainly support at 0.8600 should hold with the most likely scenario a reversal higher into the close.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8696
The interbank range this week has been: NZDCAD 0.8668- 0.8829

The New Zealand Dollar (NZD) dropped back to around 0.8800 levels Monday against the Canadian Dollar (CAD) after crude oil jumped nearly 6% overnight to just under 40.00 a barrel. Usually positive risk sentiment supports the kiwi but not this time instead buyers were buying CAD after headline reports of President Trump’s positive health reports after contacting Covid-19. However this surge in oil values doesn’t report the whole story, with Canada’s oil industry feeling the effects of a global oil demand price slump with prices starting to decline on decreased demand due to the pandemic. Watch this space. I don’t think we will see much more downside bias this week, expectations of a recall to 0.8850 expected.

Exchange Rate
Current Level: 0.8819
Resistance: 0.8920
Support: 0.8750
Last Weeks Range: 0.8755-0.8847

As global investor sentiment turned negative this week, we have seen a bout of “risk off” selling which has pressured the New Zealand dollar (NZD). Against the Canadian dollar (CAD), this has seen the kiwi decline from a high of 0.8937 late last week, to a low of 0.8726 last night. While there are no major signs at this stage the selloff is done, the pair has reached a significant support zone and coupled with the size of the decline seen this week, I would argue that a period of consolidation, or even a small corrective bounce, seems likely. Clients looking to convert CAD to NZD should look to take advantage of the current level and look to lock a rate in.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8748
The interbank range this week has been: NZDCAD 0.8729 – 0.8937

The risk correlated New Zealand Dollar (NZD) fell from 0.8920 levels Monday against the Canadian Dollar (CAD) to bottom out at 0.8850 before returning to 0.8770 during early Tuesday trading. Amid the falls, crude oil prices have slid lower -4.0% overnight as Libya restarts production adding to an oversupplied market. This may have helped the Loonie from being oversold, stopping the downward spiral of the CAD. This week’s RBNZ announcement is our focus with talk on negative rates bound to be discussed. Predicted direction: retest of 0.8830.

Exchange Rate
Current Level: 0.8868
Resistance: 0.8940
Support: 0.8850
Last Weeks Range: 0.8807-0.8839

After sideways movement last week in the Canadian Dollar (CAD), New Zealand Dollar (NZD) cross, this week has seen the return of recent NZD form with price action rising through resistance at 0.8860 to reach 0.8900 Friday. Down around 0.8730 mid last week the NZD has fallen back in line with the long term bull channel from the low of 0.8570. The New Zealand economy entered a recession this week when second quarter GDP printed at -12.2% in line with wider predictions. This marks by far the worst quarter on record. Next week the kiwi could target the prior high at 0.9000 the April 2019 high.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8909
The interbank range this week has been: NZDCAD 0.8774- 0.8910

The New Zealand Dollar (NZD) has rallied off the open surging to 0.8848 against the Canadian Dollar (CAD) recovering well from last week’s low of 0.8740. The central bank of Canada left rates unchanged last week at 0.25% saying it’s the biggest global slowdown since the great depression. The bank will hold rates low for some time at the effective lower band until the 2.0% inflation target is sustained. Risk sentiment has supported the kiwi as equities fly high again, the Nasdaq up over 2.0% overnight. The cross looks on target to meet 0.9000 if this week’s second quarter GDP comes in lower than the predicted -12.5%. All eyes will be on this release Thursday 10.45am NZT.
Exchange Rate
Current Level: 0.8813
Resistance: 0.8860
Support: 0.8750
Last Weeks Range: 0.8738-0.8848

The New Zealand Dollar (NZD), Canadian Dollar (CAD) cross hasn’t done much over the week sticking close to the opening price Friday of 0.8750 levels. The Bank of Canada left rates unchanged this week at their scheduled rate announcement and policy read. The Bank of Canada saying it’s the biggest global slowdown since the great depression. Recent policy has been maintained with the continuation of 5B of large scale assets purchases per week. We think risk will deteriorate into the weekly close giving the pair a downward bias.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8773
The interbank range this week has been: NZDCAD 0.8736- 0.8816

Thursday’s Bank of Canada rate announcement and statement will be the focus this week in the New Zealand Dollar (NZD), Canadian Dollar (CAD) pair. No change is expected from the 0.25% with no real change to current policy anticipated. Most discussion will be based on talk about the recovery and economic outlook over the coming months. Risk sentiment took a hit late last week with equity markets deteriorating sending the kiwi lower into Tuesday to 0.8755. Depending on the BoC comments we expect the kiwi to make a charge for last week’s high of 0.8870.
Exchange Rate
Current Level: 0.8767
Resistance: 0.8900
Support: 0.8680
Last Weeks Range: 0.8752-0.8867

Price in the Canadian Dollar (CAD), New Zealand Dollar (NZD) pair traded into Friday around 0.8800 levels just shy of the weekly open of 0.8830. The kiwi briefly travelled to 0.8870 midweek but has been sold off in the last few sessions, in all an eventful week.The RBNZ Wednesday signalled no sign of concern for the New Zealand Dollar (NZD) being overvalued and started conversations around prospects of loosening monetary policy into negative rates in efforts to ward off low inflation. Orr saying “the best contribution we can make to financial stability is to ensure we head off unnecessarily low inflation or deflation”. Markets await tonight Canadian Unemployment Rate.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8795
The interbank range this week has been: NZDCAD 0.8707- 0.8867

The New Zealand Dollar (NZD) rebounded off recent lows of 0.8580 to surge back above 0.8800 into Monday against the Canadian Dollar (CAD). Canadian GDP posted a healthy gain in June of 6.5% following a 4.8% increase in May, the biggest increase since 1961 although these two months have offset declines over April and May. ANZ Business Confidence dipped yesterday as the business outlook slipped in August based on further coronavirus Auckland lockdowns. Direction for the week: Retest of 0.9000.
Exchange Rate
Current Level: 0.8786
Resistance: 0.8900
Support: 0.8600
Last Weeks Range: 0.8608-0.8835

The New Zealand Dollar (NZD) extended gains into Friday sessions against the Canadian Dollar (CAD) with risk sentiment improving. We mentioned earlier that a trend reversal would only be confirmed by bullish action through 0.8680. This has happened as the bear channel from 0.9000 has ended. Canadian GDP for June prints tonight with expectations of 5.2% growth following May’s 4.5%. Surely if the result is positive we should see a shift back in CAD favour before the weekly close? Next week’s attention lies with Canadian employment.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8725
The interbank range this week has been: NZDCAD 0.8589- 0.8748

Late last week the New Zealand Dollar (NZD) recovered off early June 2020 lows at 0.8575 against the Canadian Dollar (CAD) to 0.8620. Monday’s NZ Retail Sales came in slightly up on expectation for the June quarter at -14.6% compared to -16.3%. Markets were not fooled- this is a terrible result. It’s clear to see that retailers have really struggled through coronavirus. It’s not clear yet if this small kiwi bounce is confirmation of a trend reversal, we would need a breakout of the current bearish channel to 0.8680. No data releasing this week for this cross. Expected direction: neutral.
Exchange Rate
Current Level: 0.8635
Resistance: 0.8670
Support: 0.8570
Last Weeks Range: 0.8576-0.8746

The New Zealand Dollar (NZD) recovered some of the recent week’s losses to 0.8750 midweek against the Canadian Dollar (CAD) but this wasn’t to last. Canadian Non-Farm Payroll Employment increased by 1.14M for July slightly better than June numbers but significantly improved on prior months from the economic fallout from coronavirus. This boosted the Loonie along with a slump in mood sentiment with the print of US weekly Jobs data coming in lower than predicted. The kiwi slumping to a 2 June low. Next week’s economic docket with NZ Retail Sales and Canadian GDP m/m should make for another volatile trading time.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8605
The interbank range this week has been: NZDCAD 0.8575- 0.8744

After a massive week of falls for the New Zealand Dollar (NZD) vs the Canadian Dollar (CAD) dipping from 0.8830 levels to 0.8670 at the close, the kiwi has consolidated somewhat this week around 0.8660. The dovish RBNZ continues to pressure the kiwis however in a thin week of data. Further drops in price were netted by the PBOC raising liquidity to their banking system overnight boosting risk markets. Directional view this week: recovery for the NZD through 0.8700.

Exchange Rate
Current Level: 0.8653
Resistance: 0.8720
Support: 0.8625
Last Weeks Range: 0.8627-0.8828

The Canadian Dollar (CAD) has had its best run in months against the New Zealand Dollar (NZD) the kiwi getting hit hard to the 0.8650 area. The NZD was double teamed with a combination of a dovish RBNZ and rising crude oil prices. The RBNZ was predictably dovish retaining their cash rate at 0.25% but raising their asset purchase program from 60B to 100B to flood markets with cheap funding. Looking forward to next week- data is thin on the calendar with only Canadian Retail Sales. Expect profit taking on short positions with a run up to 0.8750 in the coming sessions.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8645
The interbank range this week has been: NZDCAD 0.8643- 0.8846

As parts of the Canadian economy were allowed to re-open amid coronavirus, Canadian Employment data has shown resilience to the Canadian economy by releasing great numbers. Canadian employment improved with 418,000 people returning to the workforce in July and the unemployment rate ticked lower to 10.9% (expectation 11.1%) from 12.3% in June. Price in the pair came off a high Friday of 0.8920 sinking to 0.8790 into Tuesday. With restrictions being substantially eased in most parts of Canada businesses and workplaces have been able regain the economic momentum seen earlier in the year. This week’s main event is the RBNZ cash rate and statement, we expect much of the same, with comments around the possibility of bringing in negative rates down the track. This week’s expected direction: Retest support at 0.8700.

Exchange Rate
Current Level: 0.8793
Resistance: 0.9000
Support: 0.8680
Last Weeks Range: 0.8785-0.8914

Overnight the New Zealand Dollar (NZD) bounced hard off support at the 0.8800 level against the Canadian Dollar (CAD) as risk favoured the kiwi and it flew to 0.8900 Friday. After breaking lower midweek through 5-week support at 0.8850 to go just under the 0.8800 mark the NZD has re-traced all its losses over the last 12 hours of trading. With Canadian employment to come tonight which is expected to come in around 11.0% for July after 12.3% in June we can expect further fireworks.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8896
The interbank range this week has been: NZDCAD 0.8797- 0.8960

The New Zealand Dollar (NZD) briefly reached 0.9000 late Friday against the Canadian Dollar (CAD), the April 2019 high, before reversing sharply lower. Canadian GDP m/m for May printed at the end of the week swiftly propping up the Loonie as figures published better than markets were expecting at 4.5% vs 3.5%. The news comes after two very poor months – March and April, and although the number is extremely positive reflecting perhaps the start of an economic recovery we need to remember the economy is still 15% below February’s pre- Covid levels and has a way to go yet. Later in the week Canadian unemployment figures are expected to rise beyond July’s 12.3% and possible knock back recent CAD momentum. Weekly expected direction: higher from 0.8830
Exchange Rate
Current Level: 0.8857
Resistance: 0.9000
Support: 0.8800
Last Weeks Range: 0.8830-0.9010

Further weakness in the Canadian Dollar (CAD) this week against the New Zealand Dollar (NZD) pushed price to new highs, trading just below the key 0.9000 level to 0.8995 before dipping to 0.8975. Clearing the prior daily high of 0.8940 could ultimately confirm we see further moves higher, certainly with the 20 days moving average below price the trend is north yet. Obviously, a fantastic time to buy CAD. Next week’s NZ and Canadian employment figures and unemployment rate is the key attention.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8980
The interbank range this week has been: NZDCAD 0.8858- 0.8995

The New Zealand Dollar (NZD) has come off last week’s high of 0.8980, an April 2019 level, against the Canadian Dollar (CAD) to close the week out around the 0.8900 mark. Monday has seen further selling of the Loonie with price retesting 0.8900 briefly. The cross looks to be in the throes of another breakout higher but this will depend on any continuation in risk appetite. Canadian GDP data for the second quarter could stall further upside moves when it releases at the end of the week for May (expectation of 3.3% vs -11.6% for April) if the release number is positive.
Exchange Rate
Current Level: 0.8930
Resistance: 0.9000
Support: 0.8800
Last Weeks Range: 0.8875-0.8979

With nothing on the New Zealand Calendar the week movement will be mostly influenced by “risk” flow. Currently hovering around the 0.8900 area. The Canadian Dollar(CAD) hasn’t really moved post the Bank of Canada rate fix and monetary policy last week after signalling they would be leaving the rate at 0.25% until at least 2023 and employment returns to post covid levels. We may see the Loonie pick up the pace if Crude prices continue to improve. Canadian Retail Sales prints tomorrow the only highlight and could shift price around if we don’t see a significant rebound in May’s release.
Exchange Rate
Current Level: 0.8896
Resistance: 0.8930
Support: 0.8850
Last Weeks Range: 0.8843-0.8928

NZ CPI releases a little firmer but never really factored into price action in the New Zealand Dollar (NZD), Canadian Dollar (CAD) pair. The Bank of Canada (CAD) held their benchmark rate at 0.25% and signalled they won’t be raising rates again until at least 2023 until employment returns to pre-covid levels. The central bank governor Macklem labelled the economic recovery a “long climb back”. The loonie (CAD) has been well supported this week with price back under 0.8900 levels. The price of crude is assisting as it clocked 41.00 per barrel earlier today. Next week’s Canadian Retail Sales may not look too pretty which could push the pair to retest the 0.9000 level.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8880
The interbank range this week has been: NZDCAD 0.8843- 0.8938

Monday demand for the Loonie has taken the price from 0.8940 levels to 0.8890 perhaps on the back of better than expected Canadian jobs numbers. Canadian Unemployment Saturday released well with 952,000 people re-joining the labour force in June. The Unemployment Rate was a touch higher at 12.3% from May’s 12.0%. Thursday’s Bank of Canada Rate announcement is the focus this week along with NZ CPI for the second quarter. Just off recent highs we expect the cross to break into new ground keeping ahead of the 20-day moving average.

Exchange Rate
Current Level: 0.8888
Resistance: 0.8950
Support: 0.8870
Last Weeks Range: 0.8848-0.8948

Crude Oil recovery has broadly improved the Canadian Dollar (CAD) over the week but as New Zealand Dollar (NZD) has outperformed. Price jumped early pushing through 0.8820 resistance as we saw a break higher into Friday to 0.8930. We are now into mid 2019 levels with the next daily target at 0.9230 coming into view. Focus now is with Canadian Unemployment figures with the unemployment rate expected to drop to 12.5% for June from May’s 13.7%. Next week is the Bank of Canada policy Report and Rate Statement.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8904
The interbank range this week has been: NZDCAD 0.8845- 0.8928

After 3 weeks of consolidation around 0.8750 the New Zealand Dollar (NZD), pushed through resistance at 0.8800 to reach 0.8880 into the Tuesday NZ trading session. The Bank of Canada Business Outlook Survey fell to its lowest reading since the 2008 GFC as sales slow and uncertainty of the future weighs heavily. This and a fresh bout of positive risk mood could push the pair higher in the coming sessions. The focus now is on Canadian unemployment figures with the unemployment rate expected to drop to 12.5% for June from May’s 13.7%
Exchange Rate
Current Level: 0.8879
Resistance: 0.8950
Support: 0.8815
Last Weeks Range: 0.8745-0.8865

After three weeks of sideways movement in the Canadian Dollar (CAD), New Zealand Dollar (NZD) cross we have seen a break through resistance at 0.8800 to 0.8875 into Thursday. Momentum into Friday was lost however with price falling back to 0.8830 levels. The recent Standard and Poor’s rating of 2020 Canadian GDP falling 5.9% versus prior estimates at 5.3% took the wind out of the sails of the Lonnie during the week with clearly more gradual recovery forecast. Setbacks could be well supported at 0.8800 with another leg higher in the kiwi the likely scenario.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8830
The interbank range this week has been: NZDCAD 0.8746- 0.8875

The New Zealand Dollar (NZD) sits just off the recent highs at 0.8780 into Tuesday its fourth week on consolidation. Downside risks are well supported at 0.8720 especially with Crude prices on the back foot affecting the latest selloff in the Canadian Dollar (CAD). Topside bias is preferred, especially if price makes a break past key resistance at 0.8820. Canadian GDP for April prints tomorrow and is expected to come in at -10.5% following poor March figures at -7.2%
Exchange Rate
Current Level: 0.8770
Resistance: 0.8800
Support: 0.8700
Last Weeks Range: 0.8713-0.8820

Markets opened the week in a positive mood taking risk currencies higher off the back of a better coronavirus outlook. The New Zealand Dollar (NZD) rose to 0.8780 against the Canadian Dollar (CAD) assisted by equities and pre- RBNZ meeting. Investors are predicting a dovish slant to the RBNZ statement with the cash rate to remain unchanged at 0.25%. Perhaps this is tied to expectations that the RBNZ won’t increase its QE program past 60B. We expect topside to be limited to around 0.8800 levels the upper band over the past two weeks, with a possibility we could see 0.8700 this week.
Exchange Rate
Current Level: 0.8750
Resistance:0.8800
Support: 0.8660
Last Weeks Range: 0.8686-0.8798

After reaching 0.8785 early in the week the New Zealand Dollar (NZD) failed to push into new territory against the Canadian Dollar. Most of the movement has been pivoted around 0.8750 over the last two weeks. NZ GDP failed to impress yesterday printing at -1.6% for the first quarter taking the kiwi lower to 0.8710. Canadian Retail Sales for May releases towards the end of the week and is expected to show a decline of -15.0% after the -10.0% for April numbers. We may see a return to the top of the current band around 0.8800 heading into the close.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8726
The interbank range this week has been: NZDCAD 0.8712- 0.8797

With the latest round of risk off flow we have seen some selling in the Canadian Dollar (CAD) with the New Zealand Dollar (NZD) reaching 0.8785 into Tuesday morning. In the aftermath of the Fed decision and renewed concerns around coronavirus the Loonie (CAD) is out of favour. Looking ahead we have NZ quarterly GDP and Canadian Retail Sales for April. 0.8800 is the high from July 2019- we could see a bounce lower off this level.
Exchange Rate
Current Level: 0.8776
Resistance: 0.8800
Support: 0.8720
Last Weeks Range: 0.8711-0.8798

With only ANZ Business Confidence to digest on the data front this week the Canadian Dollar (CAD), New Zealand Dollar (NZD) cross has drifted around the 0.8450 zone with not a lot of excitement. Crude Oil came off over 7.0% last night as sentiment shifted to “risk off’ – this could support the kiwi over the next few sessions heading into the weekend especially after a gloomy Fed decision. We still think the kiwi should revisit 0.8800 the July 2019 level once things calm.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8743
The interbank range this week has been: NZDCAD 0.8714- 0.8790

After falling back to around 0.8730 at the close the New Zealand Dollar (NZD) has regained an edge to push back to last week’s high of 0.8780 against the Canadian Dollar (CAD) Tuesday. It’s a very quiet week of tier one data releases with just ANZ Business Confidence publishing later today with an improvement expected on the previous 2 months of readings by manufacturers and retailers etc now that the economy has no coronavirus restrictions in place. A weekly close above 0.8760 could imply further moves higher for the kiwi with sights then set on the 0.8830 target.
Exchange Rate
Current Level: 0.8760
Resistance: 0.8800
Support: 0.8700
Last Weeks Range: 0.8482-0.8791

The New Zealand Dollar broke from recent ranges against the Canadian Dollar reaching 0.8605 early Tuesday. It’s still very much “risk” correlated conditions out there supporting the kiwi as it climbs higher and higher across the board. Crude prices continue to rise to 37.00 at the NY close this morning with crude inventories increasing by 15M barrels last week. Tomorrow’s Bank of Canada rate announcement and statement may bring on fresh volatility if we see any shifts to their forward guidance.

Exchange Rate
Current Level: 0.8661
Resistance: 0.8780
Support: 0.8660
Last Weeks Range: 0.8482-0.8655

The Canadian Dollar (CAD), New Zealand Dollar (NZD) remains volatile and shifty with Crude Oil Prices driving mood in the Loonie. Price sits at the weekly open Friday at 0.8535 with a bias to edge higher. We did see 0.8595 momentarily midweek the 12 March high but this didn’t stick. Canadian GDP for the first quarter prints tomorrow – given its mostly pre coronavirus times the release may not gather any special attention.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8534
The interbank range this week has been: NZDCAD 0.8485- 0.8593

A sharp reversal in the New Zealand Dollar (NZD) at the weekly open saw price turn bullish against the Canadian Dollar (CAD), push up from 0.8370 to just off the weekly high of 0.8550 into Friday. The kiwi now eyes the prior daily close at 0.8560 and could retest this area if quarterly NZ Retail Sales prints well today. Canadian GDP for April the focus on next week’s calendar could undermine further support for the Loonie. Certainly, if Crude Oil starts to decline in the coming sessions we could see a fresh wave north in the cross.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8535
The interbank range this week has been: NZDCAD 0.8357- 0.8550

The New Zealand Dollar (NZD) fell over 200 points or roughly 2% against the Canadian Dollar (CAD) last week to reach 0.8350 at the close. Monday trading has seen risk sentiment improve with buyers back supporting the kiwi with price around 0.8420. It’s a holiday in Canada today with focus on Thursday’s Canadian CPI and Friday’s NZ Retail Sales. Price Tuesday is back around the 50-day moving average, a break though 0.8440 should see further upside in the pair develop.
Exchange Rate
Current Level: 0.8414
Resistance: 0.8480
Support: 0.8350
Last Weeks Range: 0.8344-0.8570

The New Zealand Dollar (NZD) fell from 0.8550 to 0.8450 Wednesday against the Canadian Dollar (CAD) following the RBNZ monetary statement and rate release. Governor Orr increased the QE package to 60B which was not unexpected but as he spoke about the possibility of negative interest rates towards the end of the year, this was seen as a dovish position to markets sending the kiwi lower. Crude Oil continues its bullish run to 27.50 per barrel and has also supported the Loonie (CAD) well. Price into Friday continues to dive as we test 0.8400. Drops could be limited below 0.8370 support.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8427
The interbank range this week has been: NZDCAD 0.8396- 0.8570

The New Zealand Dollar closed the week near its recent highs at 0.8550 against the Canadian Dollar but has failed to hold onto gains Monday. Coming off a solid week, the Oil recovery and a better than expected Jobs report the Loonie (CAD) hit back sending price down to 0.8490 into Tuesday trading. Tomorrow’s RBNZ policy announcement is the focus with expectations they will expand the current QE program for kiwis. We may just see the NZD weaken off a little in the coming days.

Exchange Rate
Current Level: 0.8514
Resistance: 0.8570
Support: 0.8500
Last Weeks Range: 0.8460-0.8568

The Canadian Dollar (CAD), New Zealand Dollar (NZD) pair continues to trade sideways and looks like an ECG chart- pivoting around the 0.8520 area. NZ unemployment jumped a modest 5,000 in the March quarter to take the unemployment rate to 4.2% from 4.0% slightly better than the expected 4.4%. Clearly these first quarter figures only partially reflect the overall economic fallout from coronavirus with expectations of employment and growth to rise significantly over the second and third periods. Crude Oil rose 10 % yesterday on the news Saudi Arabia had stepped in to prop up the recovery in oil prices for its customers worldwide. This is the first time since the start of the price war saying-they will do whatever it takes to support the oil recovery. This should support price stability in the Loonie (CAD) following the news.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8512
The interbank range this week has been: NZDCAD 0.8461- 0.8550

The New Zealand Dollar (NZD), Canadian Dollar (CAD) pair continues to knock around recent ranges of the past 3 weeks as volatility in the Loonie (CAD) pushes price around. Oil prices collapsed again Monday with price around the 12.00 per barrel on fears of storage issues and volatility in the June contract. A large buyer pulled out from the June futures contract choosing to look at more longer term options. Crude oversupply has soured to more than 2M barrels in April the highest it’s been since 2018, one of the reasons being the very low gasoline consumption caused by Covid-19 travel restrictions. Price pushed up from pivotal Fibonacci levels as we mentioned in an earlier commentary, we look for a retest of 0.8540.
Exchange Rate
Current Level: 0.8496
Resistance: 0.8550
Support: 0.8430
Last Weeks Range: 0.8388-0.8553

The New Zealand Dollar (NZD), Canadian Dollar (CAD) pair continues to knock around recent ranges of the past 3 weeks as volatility in the Loonie (CAD) pushes price around. Oil prices collapsed again Monday with price around the 12.00 per barrel on fears of storage issues and volatility in the June contract. A large buyer pulled out from the June futures contract choosing to look at more longer term options. Crude oversupply has soured to more than 2M barrels in April the highest it’s been since 2018, one of the reasons being the very low gasoline consumption caused by Covid-19 travel restrictions. Price pushed up from pivotal Fibonacci levels as we mentioned in an earlier commentary, we look for a retest of 0.8540.
Exchange Rate
Current Level: 0.8496
Resistance: 0.8550
Support: 0.8430
Last Weeks Range: 0.8388-0.8553

The New Zealand Dollar (NZD), Canadian Dollar (CAD) trades around the weekly open of 0.5450 after another volatile week of movement. In fact it’s a dog’s breakfast. Early in the week the pair bounced off the prior high of 0.8555 as crude prices recovered. With the Crude price back at 16.87 at the NY close analysts are not calling this a recovery, but more of a breather with prices expected to go lower again as coronavirus worsens. The June futures contract surged 19% as President Trump ordered Iranian boats to be shot down if they hassle American ships. Unless oil production is cut, the limited capacity to store oil is likely to continue to pressure prices and the Loonie. Fibonacci support is at 0.8380 the 50% retracement of the yearly high and low- look for price in the cross to push higher.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8432
The interbank range this week has been: NZDCAD 0.8389- 0.8553

The New Zealand Dollar (NZD) trades higher into Tuesday with lockdown measures in New Zealand announced to be relaxed to level 3 from the 27th of April. Boosted by virus transmission rates being very low at 0.48 per person and testing numbers being one of the highest per capita in the world the kiwi has pushed higher to 0.8540 against the Canadian Dollar (CAD). Coming out of lockdown China has been stockpiling oil buying ultra-cheap crude from Alaska, Canada and Brazil with non-existent demand elsewhere. The by-product of this is the price sinking to below zero closing at -23.00 per barrel overnight and taking the Loonie lower across the board. Breaking above the March 20 high we see a continuation of this bullish move to 0.8620
Exchange Rate
Current Level: 0.8504
Resistance: 0.8600
Support: 0.8400
Last Weeks Range: 0.8369-0.8554

After the New Zealand Dollar (NZD) recovered off the 0.8270 low last week against the Canadian Dollar (CAD) the pair has consolidated around 0.8480 levels. This has been a little surprising given the dire employment numbers to print out of Canada. 1Million lost their jobs in March way more than the 427k expected by analysts. The unemployment rate also jumped from 7.4% to 7.8% reflecting massive layoffs as a result of the economic fallout from coronavirus. The Bank of Canada release their rate and statement tomorrow with no change from the 0.25% expected. We expect the kiwi to push higher to retest the four week high at 0.8545.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8445
The interbank range this week has been: NZDCAD 0.8339- 0.8516

Big sweeping shifts seen in the past few weeks in the Canadian Dollar (CAD), New Zealand Dollar (NZD) pair have gone for the moment, replaced by rangy trading around 0.82500- 0.8400 areas. Overnight sessions pushed the kiwi higher as risk sentiment improved to 0.8420. Also of note is the large sell off in Crude Oil to 26.25 down 13% overnight not doing the Loonie (CAD) any favours. Record low prices for Canada’s oil together with record decline in oil demand almost exclusively in the export market to the US, oil prices in Alberta have slumped so low that a barrel of crude now costs less than the cost to ship it. To make matters worse the US don’t need it anyway with stay home orders massively affecting demand. A retest of the previous high at 0.8540 is on the cards.

Exchange Rate
Current Level: 0.8376
Resistance: 0.8530
Support: 0.8260
Last Weeks range:0.8267-0.8555

Price in the New Zealand Dollar (NZD), Canadian Dollar (CAD) pair extended off last week’s bullish run from 0.8100 levels into Tuesday to 0.8505. The bank of Canada cut rates to 0.25% in an emergency meeting Friday from 0.75% with the central bank saying they would start its first ever QE program. Crude Oil balances just above the $20.00 per barrel mark with analysts expecting the price to go much lower in the coming weeks as production increases. This in turn could see the kiwi outperform to back around 0.8750 levels – the 2020 high.

Exchange Rate
Current Level: 0.8532
Resistance: 0.8700
Support: 0.8350
Last Weeks range:0.8222-0.8533

Crude Oil prices continue to deteriorate taking the Canadian Dollar (CAD) lower. The New Zealand Dollar (NZD) recovered off last week’s low of 0.8015 back to 0.8300 into Tuesday. The purchase of 30B of government bonds by the RBNZ boosted demand for the kiwi consolidating around 0.8250 from virus intensity. We suggest as price tracks the 20 days moving average we could see a retrace back to 0.8100 this week. Crude depreciation has affected the demise of the CAD this month but with risk sentiment at an all time low caused by coronavirus the kiwi will continue to underperform and will continue to drop to fresh lows for some time to come.

Exchange Rate
Current Level: 0.8327
Resistance: 0.8460
Support: 0.8100
Last Weeks range:0.8018-0.8539

Crude Oil prices continue to deteriorate taking the Canadian Dollar (CAD) lower. The New Zealand Dollar (NZD) recovered off last week’s low of 0.8015 back to 0.8300 into Tuesday. The purchase of 30B of government bonds by the RBNZ boosted demand for the kiwi consolidating around 0.8250 from virus intensity. We suggest as price tracks the 20 days moving average we could see a retrace back to 0.8100 this week. Crude depreciation has affected the demise of the CAD this month but with risk sentiment at an all time low caused by coronavirus the kiwi will continue to underperform and will continue to drop to fresh lows for some time to come.

Exchange Rate
Current Level: 0.8327
Resistance: 0.8460
Support: 0.8100
Last Weeks range:0.8018-0.8539

Trading into Friday in the New Zealand Dollar (NZD), Canadian Dollar (CAD) pair sees price trade just off its weekly open of 0.8370 at 0.8300. Yesterday’s massive risk off move saw the kiwi sold to 0.8015 but recover to 0.8520 after PM Ardern officially closed the NZ borders to everyone except non-residents. The massive rally back by the kiwi or 5 cent move in a single trading session hasn’t happened since the last blue moon. Crude oil depreciation has affected the demise of the CAD this month but with risk sentiment at an all time low caused by coronavirus the kiwi has underperformed and will continue to drop to fresh lows for some time to come.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8297
The interbank range this week has been: NZDCAD 0.8019- 0.8565

Huge volatility in the Canadian Dollar (CAD), New Zealand Dollar (NZD) pair remains into Tuesday with price falling to 0.8270 post the weekly open and rising to 0.8560. The kiwi dropped to multi year lows on the surprise 0.75% cut from the RBNZ before recovering. We have NZ fourth quarter GDP Thursday which is expected to come in around 0.5% but will be largely ignored because so much has changed economically over the past month. The volatility in the price of oil will continue to affect the Loonie. Core Retail Sales prints later in the week.

Exchange Rate
Current Level: 0.8470
Resistance: 0.8700
Support: 0.8300
Last Weeks Range: 0.8287-0.8703

The New Zealand Dollar (NZD) finally succumbed to global pressures overnight dropping in value across the board and hitting a low of 0.8445 against the Canadian Dollar (CAD). Initially recovering well after the early week “flash crash” to 0.8720 levels the kiwi deteriorated as investors exited risk positions. The volatility in the price of oil is still swinging the Loonie to all corners, with the price of Crude dropping again overnight over 4% to 31.00 per barrel. Risks in the pair are still skewed to the downside.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8525
The interbank range this week has been: NZDCAD 0.8307- 0.8725

The New Zealand Dollar (NZD) unwound a years’ worth of losses against the Canadian Dollar (CAD) yesterday. Initially falling to 0.8370 in a “flash crash” one off event as coronavirus and more importantly Crude Oil slumping to historic lows. OPEC had proposed to slash production by 1.5M barrels per day to alleviate demand. Russia rejected the proposal and when talks broke down Saudi Arabia announced massive discounted prices and raised production by 10M barrels per day. The crude price since has fallen over 21% to around 30.00 per barrel and taken the Canadian Dollar (CAD) with it. The cross travelling back to post crash levels to reach 0.8720 early Jan 2020 levels Tuesday.
Exchange Rate
Current Level: 0.8646
Resistance: 0.8740
Support:0.8530
Last Weeks Range: 0.8370-0.8734

Prime Minister Ardern said the impact from Covid-19 is likely to inflict significant damage to the NZ economy but not necessarily long term. Define long term please. The NZ economy could be facing a recession in the coming months unless the virus is quickly controlled. The kiwi has pushed up from last week’s low of 0.8310 during the week to trade around the 0.8450 mark midday Friday. The Bank of Canada (BoC) delivered a 50 point rate cut taking their benchmark rate from 1.75% to 1.25%- the lowest level since mid 2018, in direct response to stimulate growth from the fallout from coronavirus. Along with equity markets taking large losses in the past 24 hours, Crude Oil is down over 3.0% dragging the Loonie (CAD) with it off a weekly high of 0.8487. A little surprised to see the kiwi do so well this week so our prediction is for the pair to drift lower back to previous lows.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8453
The interbank range this week has been: NZDCAD 0.8302- 0.8486

It’s been a volatile week of trading in the New Zealand Dollar (NZD), Canadian Dollar (CAD) pair with price moving higher to 0.8445 off the open, then reversing to 0.8370 and back Friday. ANZ NZ Business Confidence was softer declining the kiwi into Friday. During the overnight sessions Crude Oil has been driven lower 3% turning the Loonie offered. Price around 0.8450 represents better value for CAD buyers as downside bias remains hinged to coronavirus headlines.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8439
The interbank range this week has been: NZDCAD 0.8363- 0.8461

Its raining fresh yearly lows this week already and it’s only Tuesday. The Canadian Dollar (CAD), New Zealand Dollar (NZD) cross broke through 0.8400 support to post an early November 2019 low of 0.8352 before staging a small recovery into Tuesday. Trading back at 0.8430 largely based on falls in Crude Oil overnight down over 4% this could be a good opportunity for buyers of CAD to lock something in before we see the return of a bearish mood in the pair continue. Looking ahead we have Canadian Current Account and m/m GDP for December 2019 which could greatly impact price

Exchange Rate
Current Level: 0.8424
Resistance: 0.8550
Support: 0.8350
Last Weeks Range: 0.8352-0.8525

The New Zealand Dollar (NZD) extended its decline against the Canadian Dollar (CAD) down to 0.8390 a fresh yearly low. The NZD has fallen against the CAD four straight weeks in a general risk off theme concerning coronavirus fears. On the back of decent rises in crude oil we have seen the Loonie (CAD) push higher. Yearly inflation also surprised coming in higher than expected rising 2.4% on the year to January up from 2.2% in December. We had no data out this week in NZ but its notable the recent upbeat comments from Adrian Ore haven’t had much of an effect on the kiwi. Long term support stands at 0.8280 not far away.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8391
The interbank range this week has been: NZDCAD 0.8383- 0.8541

The New Zealand Dollar (NZD) continues to lose ground against the Canadian Dollar (CAD) falling to 0.8490 the yearly low before bouncing higher to 0.8520 early today. The NZD has fallen against the CAD for three straight weeks in a general risk off theme concerning coronavirus. No data this week in NZ sees just Canadian monthly CPI for December and Retail Sales Friday holding attention. Meanwhile Trudeau said “the government will do everything it can to resolve ongoing protests of the Central Coastal pipeline”. We need to see a breakthrough 0.8600 levels to confirm the end of recent bearish momentum.

Exchange Rate
Current Level: 0.8516
Resistancee: 0.8540
Support: 0.8480
Last weeks Range: 0.8489-0.8606

The New Zealand Dollar (NZD) fell to a yearly low of 0.8487 early this week against the Canadian Dollar (CAD) as risk markets faltered on coronavirus fears. Further declines were halted when the RBNZ announced they were changing monetary policy from a dovish bias to a neutral tone. The cash rate remained unchanged at 1.0% but with Ore confirming they would not be cutting rates for the remainder of 2020 this spiked the kiwi to just over the 0.8600 level. Price dropped back to 0.8540 early Friday after the Bank of Canada governor Poloz said in his speech – “the Canadian economy is in a pretty good place”. As long as coronavirus is contained we might see a further push higher in the pair.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8539
The interbank range this week has been: NZDCAD 0.8487- 0.8606

After a week of New Zealand Dollar (NZD) depreciation against the Canadian Dollar (CAD) to a yearly low of 0.8540 the kiwi fought back to trade at 0.8600 into Tuesday. We have seen a small shift to risk sentiment this week with the Chinese Government reporting they will inject 174B USD into the markets to boost liquidity as the coronavirus dents economic activity. NZ Employment data prints tomorrow before Canadian employment is published Friday.

Exchange Rate
Current Level: 0.8576
Resistance: 0.8615
Support: 0.8540
Last Weeks Range: 0.8541-0.8634

Even though the Canadian Dollar (CAD) has been struggling of late against the New Zealand Dollar (NZD) amid a recent downbeat Bank of Canada, the CAD put 1.0% on the kiwi this week dragging it down to 0.8570 Friday as risk markets sought the Loonie. Investors have been risk averse in line with the scary outbreak of coronavirus sending the kiwi to a 2020 low this week. We see daily support around the 0.8530 area. Next week’s NZ and Canadian employment data should give plenty of volatility in the cross.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8564
The interbank range this week has been: NZDCAD 0.8561- 0.8674

The New Zealand Dollar (NZD) held its ground late last week climbing to 0.8690 against the Canadian Dollar (CAD) as market fears of coronavirus spreading entered the fold. Monday’s open gaped the NZD down to 0.8650 with more virus headlines and as we considered a full blown risk off event, the kiwi was down at 0.8625 super quick. The Canadian Central Bank maintained the 1.75% rate last week with the Canadian economy resilient of late, but recent activity suggests growth in the medium term could be soft. Virus headlines regarding the out of control coronavirus should have further impact on the NZDCAD this week along with monthly Canadian GDP Friday.

Exchange Rate
Current Level: 0.8624
Resistance: 0.8700
Support: 0.8600
Last Weeks Range: 0.8611-0.8699

The New Zealand Dollar (NZD) moved lower to 0.8600 against the Canadian Dollar (CAD) off the weekly open, the CAD still favoured after well received Canadian Job’s data late last week. However, the CAD has been unable to maintain its momentum into Wednesday, the kiwi recovering recent losses trading back to 0.8690. A sharp pullback in Crude Oil has also been an offsetting factor. Friday’s price fell back to 0.8660. Next week’s Bank of Canada cash rate announcement now holds focus.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8649
The interbank range this week has been: NZDCAD 0.8607- 0.8689

The New Zealand Dollar (NZD) moved lower to 0.8600 against the Canadian Dollar (CAD) off the weekly open, the CAD still favoured after well received Canadian Job’s data late last week. However, the CAD has been unable to maintain its momentum into Wednesday, the kiwi recovering recent losses trading back to 0.8690. A sharp pullback in Crude Oil has also been an offsetting factor. Friday’s price fell back to 0.8660. Next week’s Bank of Canada cash rate announcement now holds focus.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8649
The interbank range this week has been: NZDCAD 0.8607- 0.8689

2019 price points… open 0.9015, close 0.8736, high 0.9279, low 0.8235.
Canadian jobs data Friday printed better than markets were predicting with 35,000 people entering the workforce up from the 24,000 with Unemployment dropping from 5.8% to 5.6% a significant move in the right direction. The data saw a rally in the CAD off the 6-month high of 0.8790 back to 0.8660. With a negative yield curve a concern for the Canadian economy and the prospects of a rate cut to accommodate – these jobs numbers show a different story and will be considered when the BoC meet on the 23rd of January. In the meantime, I am expecting a rise in NZD back to the prior high of 0.8790 if NZIER Business Confidence tomorrow allows.

Exchange Rate
Current Level: 0.8648
Resistance: 0.8670
Support: 0.8640
Last Weeks Range: 0.8601-0.8681

Stats from last year’s trading in the New Zealand Dollar (NZD), Canadian Dollar (CAD) pair which may be of interest…2019 open 0.9015, close 0.8736, high 0.9279, low 0.8235. Prior to the yearly close the cross reached a high of 0.8800 on NZD strength before being sold off to 0.8600 on risk related factors and a sell off in Crude oil. Canadian Trade Balance released poor at -1.1B based on expectations of -0.8B in November based largely on a rail strike which disrupted transportation of goods. Price rose back to 0.8665 after the release. Looking forward we have Canadian employment data Friday.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8671
The interbank range this week has been: NZDCAD 0.8600- 0.8678

After a high of 0.8734 last Friday ,a 4 month high, the New Zealand Dollar (NZD) has dropped to 0.8635 overnight aainst the Canadian Dollar (CAD) as a risk averse tone hit markets. The NAFTA Mark 2 is in the process of getting passed in the US but should not lead to an elevated CAD as this agreement is only a minor change to the old NAFTA agreement. Expect the NZD/CAD to consolidate around current levels until the risk-off tone abates, then look for the NZD to continue its upward momentum to retest the 0.8866 – 5 month high over the next couple of weeks.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8636
The interbank range this week has been: NZDCAD 0.8632- 0.8695

Relatively flat trading in this cross over the last week or so but the overall trend has remained NZD positive…the increase in risk sentiment over the past few days has seen the NZD/CAD overnight at the highest level in nearly 5 months at 0.8735 …the NZD has backed off a little from this level, now at 0.8730 but looks to be consolidating gains against the CAD with the next resistance level at 0.8765 then 0.8810.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8695
The interbank range this week has been: NZDCAD 0.8631- 0.8736

The New Zealand Dollar (NZD) extended last week’s move higher against the Canadian Dollar (CAD) to 0.8680 before CAD rallied back. The Bank of Canada left rates unchanged at 1.75% Thursday, a little more hawkish in their statement – saying they are more confident in the outlook, reluctant to cut rates unless absolutely necessary. Price travelled back to 0.8590 levels with Canadian Unemployment still to come tonight.
Exchange Rate
The current interbank midrate is: NZDCAD 0.8619
The interbank range this week has been: NZDCAD 0.8530- 0.8682

As things got underway Monday markets looked fairly positive, the New Zealand Dollar (NZD) surged to 0.8650 against the Canadian Dollar (CAD) from the opening price of 0.8530. A mix of optimism a phase one deal trade deal between China and the US and better than expected Chinese Manufacturing data sent risk products higher. Crude Oil is also up around 0.90% overnight but has been overlooked by investors. Thursday’s Bank of Canada rate decision is the main event of the calendar this week followed by Canadian unemployment. As we are trading at a four month high buying CAD looks very attractive.

Exchange Rate
Current Level:0.8648
Resistance: 0.8700
Support:0.8530
Last Weeks Range:0.8506-0.8658

The price this week in the Canadian Dollar (CAD), New Zealand Dollar (NZD) pair remained flat around the 0.8520 level. Early supportive NZ data looked to push price above the recent range instead only reaching 0.8550 before pulling back to 0.8515 Friday. Canadian Current Account deficit widened by 400M for the third quarter putting pressure on the Loonie (CAD) but with Crude Oil continuing to hold up around 58.00 per barrel we have seen little movement. Thanksgiving Holiday will thin markets for the remainder of the week with focus now on Bank of Canada Rate Statement next week.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8526
The interbank range this week has been: NZDCAD 0.8506- 0.8552

The New Zealand Dollar (NZD) climbed to 0.8570 this week against the Canadian Dollar (CAD) pushing past resistance at 0.8500, the July 22 high. Crude Oil improved over 2% overnight to trade around 58.30 taking the kiwi off its high back to 0.8500 levels. Canadian CPI rose to 1.9% y/y and 0.3% in October following three consecutive monthly increases. RoC governor spoke in Toronto last night about economic change saying that he is “starting to see a glamour of response to global easing.”. If the cross can hold the 0.8500 handle pivot point we could see the kiwi push new highs in the coming days.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8499
The interbank range this week has been: NZDCAD 0.8428- 0.8568

After the RBNZ left the cash rate unchanged last week at 1.0% the New Zealand Dollar (NZD) has held onto most of its gains against the Canadian Dollar (CAD) closing the week around 0.8460 up from the open of 0.8365. Looking forward we have Canadian CPI which is expected to recover from Septembers contraction of -0.4% in the October release. We expect price to drift lower this week as risk factors impact the kiwi.

Exchange Rate
Current Level:0.8443
Resistance: 0.8500
Support: 0.8430
Last Weeks Range: 0.8366-0.8505

The RBNZ’s action to not cut rates to 0.75% and leave unchanged at 1.0% bought about a buying frenzy of NZD Wednesday. Against the Canadian Dollar (CAD) the kiwi rallied to 0.8500 but failed to push on through mid-September levels around 0.8510 instead falling away into Friday to 0.8440 as risk markets sold NZD. With a recent dovish Canadian central bank and an optimistic RBNZ we see the pair creeping higher to fresh highs and leaving the failed downside attempts of the last 6 weeks in its rear vision mirror. Risk factors around trade uncertainty in the tariff negotiations will clearly play a part though.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8446
The interbank range this week has been: NZDCAD 0.8366- 0.8503

Wild swings continue to dominate the theme in the Canadian Dollar (CAD), New Zealand Dollar (NZD) cross. The kiwi has rebounded north off the weekly open of 0.8365 to 0.8420 after the Loonie struggles with Friday’s poor jobs data. Unemployment was stable at 5.5% but new workers added to the economy was down at -1,800 sending the CAD reeling. This week’s RBNZ cash rate holds the focus with not all economists suggesting a cut is a given. We expect Orr to cut the cash rate back to 0.75% based on recent data and a worsening global outlook. Price looks to be well capped at 0.8450 pre RBNZ with our view that a sell off will take price a break through the recent low of 0.8350.

Exchange Rate
Current Level: 0.8425
Resistance: 0.8480
Support: 0.8360
Last Weeks Range: 0.8349-0.8435

The New Zealand Dollar (NZD) has underperformed this week against the Canadian Dollar (CAD) falling to the 0.8390 level Friday after opening around 0.8470. NZ employment figures, particularly the labour force participation level increased slightly to 0.2% in September from August’s 0.8% meeting predictions, but the employment rate jumped from 3.9% to 4.2% weighing heavily on the kiwi. Next week’s focus will be on the RBNZ cash rate announcement with predictions of a cut to 0.75%. We expect further declines in this pair with a possible retest of the low of 0.8270.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8390
The interbank range this week has been: NZDCAD 0.8360- 0.8490

The New Zealand Dollar (NZD) has climbed to a fresh high of 0.8455 against the Canadian Dollar (CAD), a six-week high. The Bank of Canada (BoC) kept their cash rate on hold at 1.75% Thursday but the statement which followed was more dovish than markets had expected. This opened up a wave of CAD selling from 0.8300 as Loonie investors exited positions. Canadian August GDP released down at 0.1% a tad lower than the 0.2% expected also putting pressure on the CAD after a string of monthly declines from the 0.5% in March shows a worrying trend. Focus for next week will be on Canadian and NZ employment data.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8436
The interbank range this week has been: NZDCAD 0.8272- 0.8458

The New Zealand Dollar (NZD) has been strangely resilient over most of the week against the Canadian Dollar (CAD) hovering around 0.8400 levels into Thursday before a risk sentiment shift took price to 0.8340. Justin Trudeau was triumphant in the federal elections as his Liberal Party won the majority of votes -157 seats in the country’s total 338 seat House of Commons. He will now need to govern with smaller parties but the overall take is this result was an unexpectedly stronger than expected result for the Liberals. In the wash up, the Loonie strengthened over the news across the board. Weaker than expected Canadian Retail Sales pulled on the Loonie as figures showed a decline of -0.1% from 0.4% in the month of August. Downside pressures in the cross remain.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8333
The interbank range this week has been: NZDCAD 0.8331- 0.8418

The New Zealand Dollar (NZD) came off its early week high of 0.8410 against the Canadian Dollar (CAD) as broad based long positions took profit. This week’s Canadian Federal Elections are in full flight with results expected in a few hours. Currently both Conservative and Liberal governments won’t be able to form the majority of the 170 seats required from the 338 in total with both needing to team up to pass legislation. Trudaeu’s right wing party are battling to stay in power with the Conservative gaining ground over the past few days. 0.8420 resistance looks reasonably capped for now with downside towards 0.8250 the more likely scenario this week.

Exchange Rate
Current Level:0.8394
Resistance: 0.8420
Support: 0.8370
Last Weeks Range: 0.8246-0.8411

New Zealand Dollar (NZD) drifted lower to 0.8250 this week against the Canadian Dollar (CAD) boosted by last week’s Canadian employment results. NZ CPI for the quarter to September printed at 0.7% from 0.6% we expected reversing the kiwi off the low back towards 0.8340 Friday. Canadian monthly CPI wasn’t as positive down -0.4% for the month of September, adding further Loonie pressure. Looking ahead to next week it’s a slow week for NZ data with only Canadian Retail Sales of note. We suggest NZ CPI could support the kiwi for a few days with a possible retest of the 0.8430 recent high possible.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8355
The interbank range this week has been: NZDCAD 0.8247- 0.8357

The New Zealand Dollar (NZD) underperformed against the Canadian Dollar (CAD) late Friday coming from 0.8430 to close at 0.8360, extending gains into Monday with price reaching 0.8300. Canadian employment surprised markets boosted by an increase of 53,700 people entering the workforce in September. Canadian Unemployment also clicked lower to 5.5% from 5.7% to show a robust labour market. Looking ahead we have quarterly NZ CPI figures and monthly Canadian CPI releases this week. Price around 0.8330 currently looks unsteady due to risk factors with the cross looking like it could retest the prior low of 0.8235 in the coming weeks.

Exchange Rate
Current Level: 0.8328
Resistance: 0.8415
Support: 0.8300
Last Weeks Range: 0.8303-0.8427

Early this week the New Zealand Dollar (NZD) dropped to a fresh low of 0.8235 against the Canadian Dollar (CAD) after poor NZ Business Confidence reports showed a deterioration in overall business confidence and slowing activity. Canadian GDP m/m printed Wednesday turning the cross sharply higher to 0.8400 into Friday. Officially the Canadian economy has stalled in July raising concerns around the slowdown in Oil and gas being the main contributor. With GDP at 0.2% in June this drop is the largest since 2016 and sparks worries around the second half of the year potential downturn. Crude Oil holds around the 52.00 area but has fallen sharply off Monday’s open putting added pressure on the Loonie. Next week’s Canadian employment figures and unemployment rate are the focus. Those buyers of CAD should take advantage of this week’s spike.

Exchange Rate
The current interbank midrate is: NZDCAD 0.6297
The interbank range this week has been: NZDCAD 0.8237- 0.8422

Early this week the New Zealand Dollar (NZD) dropped to a fresh low of 0.8235 against the Canadian Dollar (CAD) after poor NZ Business Confidence reports showed a deterioration in overall business confidence and slowing activity. Canadian GDP m/m printed Wednesday turning the cross sharply higher to 0.8400 into Friday. Officially the Canadian economy has stalled in July raising concerns around the slowdown in Oil and gas being the main contributor. With GDP at 0.2% in June this drop is the largest since 2016 and sparks worries around the second half of the year potential downturn. Crude Oil holds around the 52.00 area but has fallen sharply off Monday’s open putting added pressure on the Loonie. Next week’s Canadian employment figures and unemployment rate are the focus. Those buyers of CAD should take advantage of this week’s spike.

Exchange Rate
The current interbank midrate is: NZDCAD 0.6297
The interbank range this week has been: NZDCAD 0.8237- 0.8422

The New Zealand Dollar (NZD) broke lower through key heavy support of 0.8300 Monday against the Canadian Dollar (CAD) after NZ Business confidence released lower. Price sits just lower than the September 2015 low at 0.8294 Tuesday. The multi year support of 0.8237 is fast coming into play, past this point and its thin air through to 0.8150. Yesterday’s NZ ANZ Business Confidence printed at -53.5 lower than we expected which indicate levels not seen since the 2008 financial crisis. Businesses expectations for activity for the year ahead is bleak with no individual sector predicting they will be hiring more staff. Tomorrow’s Canadian GDP for July is expected to reflect slightly positive growth at 0.1%, anything lower than this and we should see a spike in the NZD

Exchange Rate
Current Level: 0.8284
Resistance:0.8370
Support:0.8270
Last weeks Range: 0.8270-0.8413

After the New Zealand Dollar (NZD) got off to a flier early in the week against the Canadian Dollar (CAD) trading back at 0.8400. It lost its momentum just a quick as risk sentiment deteriorated tracking backwards to 0.8320. The Reserve Bank of New Zealand left the official cash rate unchanged on Wednesday at 1.0% but said there’s still room to cut further if necessary. The result was priced into expectations after the RBNZ surprised markets at their & August outing by cutting 50 points. Meeting inflation targets and maintaining high employment are the key focus looking ahead for the central bank amid a weakening global outlook. With the Crude Oil price consolidating around 56.50 and a lack of data in Canada price supported the kiwi trading back to 0.8380 Friday. Next week’s Canadian monthly GDP is the focus.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8346
The interbank range this week has been: NZDCAD 0.8302- 0.8413

The New Zealand Dollar (NZD) was the stronger currency out of the blocks Monday reversing off the weekly close of 0.8310 to push back to 0.8350 against the Canadian Dollar (CAD). The kiwi traded briefly below 0.8300 Friday where key long term support lies at the October 2018 low. Price was boosted by reports out of China suggesting they had downplayed the significance of cancelling US farm visits, the Ministry of Commerce saying last week’s talks were productive. This week’s RBNZ official Cash Rate is the main event publishing on Wednesday with no change from the 1.0% expected.

Exchange Rate
Current Level: 0.8340
Resistance: 0.8380
Support: 0.8300
Last Weeks Range: 0.8296-0.8426

After a shaky start to the week in the Canadian Dollar (CAD), New Zealand Dollar (NZD) pair the kiwi has resumed its downside momentum trading down to 0.8350. Meeting the late August price, the multi-year low Friday morning. Crude Oil has held up at early week prices around 58.00 boosting the CAD along with CPI m/m. CPI printed -0.1% from -0.2% after markets were expecting a downturn. Year on year to August the CPI price dipped to 1.9% from 2.0% mainly due to higher gasoline prices. Next week’s RBNZ announcement is now the focus with no change expected from the 1.0%

Exchange Rate
The current interbank midrate is: NZDCAD 0.8343
The interbank range this week has been: NZDCAD 0.8336- 0.8470

It’s been a volatile open to the week in the Canadian Dollar (CAD), New Zealand Dollar (NZD) pair with Crude Oil the culprit. After a Saudi Arabian oil field was supposedly drone bombed over the weekend by Iran the oil price jumped from 54.00 to 62.50 sending the CAD higher and the cross to 0.8400. It did recover off the 0.8430 open for a while returning to 0.8470 but as overnight markets opened and the crude price rallied further the cross was sold off. This story will drive price through to Thursday’s Canadian CPI m/m and NZ quarterly GDP.

Exchange Rate
Current Level: 0.8394
Resistance: 0.8470
Support: 0.8345
Last Weeks Range: 0.8392-0.8502

The New Zealand Dollar (NZD) came off the recent high of 0.8500 against the Canadian Dollar (CAD) Thursday to trade back towards 0.8460 Friday as positive risk sentiment diminished. On the whole the current price reflects range bound moves, medium term we still support a bullish NZD as central banks continue to cut rates the NZD should become generally more attractive for investors looking for returns. Next week’s Canadian CPI m/m and NZD GDP q/q are the focus.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8459
The interbank range this week has been: NZDCAD 0.8423- 0.8502

With risk markets extending the run into Tuesday the New Zealand Dollar (NZD) continues to push higher against the Canadian Dollar (CAD) to 0.8450. Last week’s reversal from the low of 0.8340 looks a distant memory showing how risk sentiment can change the game so quickly. Even more impressive were the upward moves by the kiwi given last week’s data was very supportive of the CAD. The BoC suggested no further cuts were on the radar with Canadian unemployment printing a massive 81,100 additional people were added to the workforce from the predicted 19,000. We have no data this week on the docket suggesting if risk appetite remains strong we could see price push past last week’s high of 0.8490.

Exchange Rate
Current Level:0.9470
Resistance: 0.8655
Support: 0.8350
Last Weeks Range: 0.8366-0.8490

Early week trading in the New Zealand Dollar (NZD), Canadian Dollar (CAD) cross saw price move higher off recent lows from around 0.8350 back to 0.8470 Thursday. The Bank of Canada left rates unchanged Thursday at 1.75% the seventh time in a row and surprisingly indicated no further cuts were on the radar boosting the CAD. Friday’s unemployment rate and change in the number of employed is forecast to print decent numbers capping further upside. We think a retest of last week’s low of 0.8350 looks the likely outcome as the CAD gains further support in the short to medium term.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8437
The interbank range this week has been: NZDCAD 0.8365- 0.8471

This week’s attention in the Canadian Dollar (CAD), New Zealand Dollar (NZD) cross is with Canadian Data – with a big week ahead for the Loonie (CAD). It’s hard to see any shift in recent form from the high of 0.8910 in mid July developing. Trading around the 0.8400 area Tuesday the NZD has managed to climb off Friday’s low of 0.8345. The Bank of Canada announce their cash rate and monetary statement Thursday with no expectation they will cut yet from the 1.75% currently. Friday’s unemployment rate and change in the number of employed is forecast to print decent numbers. We think a retest of last week’s low looks the likely outcome.

Exchange Rate
Current Level:0.8944
Resistance:0.8520
Support: 0.8350
Last Weeks Range: 0.8347-0.8478

The New Zealand Dollar (NZD) has continued to decline against the Canadian Dollar (CAD) for the sixth week straight dropping to 0.8435. Friday’s Canadian Retail Sales printed at 0.0% from the predicted -0.3% for June representing fairly good numbers considering the slide in resources. ANZ Business confidence releases Thursday prior to Canada’s Current Account and GDP. The multi-year low of 0.8320 could be retested this week if Canadian data prints well.

Exchange Rate
Current Level: 0.8457
Resistance: 0.8650
Support: 0.8330
Last Weeks Range: 0.8438-0.8566

The New Zealand dollar (NZD) continues to decline against the Canadian dollar (CAD), trading to a fresh cycle low overnight of 0.8458. At this stage there is nothing to suggest the downtrend that has been in force since late July has run its course, and as such we expect further declines in the pair. The next major support level is the low from September 2018 at 0.8321, although that seems reasonably far away at this stage. This weekend’s Jackson Hole central banker symposium has the potential to be market moving so all eyes will be on a number of key speakers.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8469
The interbank range this week has been: NZDCAD 0.8459 – 0.8583

The New Zealand Dollar (NZD) continued lower Monday to 0.8500 support against the Canadian Dollar (CAD) before reversing back towards 0.8550 Tuesday. Overnight Crude Oil surged higher to 56.35 (2.5%) along with US equity markets which were up over 1% assisting the kiwi. Canadian CPI Thursday holds attention with expectations of a 0.1% rise in July from -0.2% in June. Bearish momentum is expected to continue for a while yet.

Exchange Rate
Current Level: 0.8542
Resistance: 0.8600
Support:0.8500
Last Weeks Range: 0.8500-0.8600

The New Zealand Dollar (NZD) has pushed a little higher over the week to 0.8580 against the Canadian Dollar (CAD) influenced by offshore drivers. Canadian Payroll figures improved in July to register 73,700 jobs were added to the workforce showing strong job growth. However we saw no real reaction in the CAD after the news suggesting price in being driven by other factors such as Crude oil and a fundamental weakness of the Canadian Dollar. Next week’s focus is on Canadian monthly CPI and NZ Retail Sales.

Exchange Rate
The current interbank midrate is: NZDCAD 0.8565
The interbank range this week has been: NZDCAD 0.8515- 0.8599

The New Zealand Dollar (NZD) bounced around last week against the Canadian Dollar (CAD) amid all the RBNZ excitement but has ultimately ended up where if started- bearish. Surprisingly even with a large miss in Canadian unemployment figures the NZD managed to continue south to 0.8520. Canadian Unemployment rose to 5.7% from the anticipated 5.5% and jobs numbers also declined to -24,000 after a rise of 15,000 was forecast, the second month on the trot. After a big week the pair has nothing of mention on the calendar for this week. We expect the kiwi to drift lower.

Current Level: 0.8537
Resistance: 0.8685
Support: 0.8480
Last Weeks Range: 0.8490 -0.8703

Recent pickups in the price of Crude Oil have supported the Canadian Dollar (CAD) with price rising over 3% in Thursday’s trading session to 53.00 per barrel. In the wake of Wednesday’s RBNZ announcement the kiwi sharply came off to 0.8500 levels. The RBNZ stunned markets by dropping the official cash rate to 1.0% from 1.5% in a move where markets were expecting only a 25 basis point shift lower to 1.25%. It was an unbelievable decision given the only time the RBNZ has cut rates by 50 points in the past was after the 9/11 terrorist attack, during the GFC, and post 2011 Christchurch earthquakes. It’s unlikely we will see further cuts now for a while, possibly November taking it down to 0.75%. The only Canadian data this week is tomorrow morning’s unemployment rate. The cross is still trading at the bottom of a bullish trend around the October 2018 level with huge support at 0.8330

Exchange Rates
The current interbank midrate is: NZDCAD 0.8575
The interbank range this week has been: NZDCAD 0.8489- 0.8704

The New Zealand Dollar (NZD) broke lower Monday to an October 2016 low of 0.8575 against the Canadian Dollar (CAD) before reversing back to 0.8635 where support lies. Earlier Canadian Trade Balance surprised to the upside printing at 0.1% compared to -0.3% boosting the CAD with exports down 5.1% while imports fell 4.3% due to significant drops to crude oil. All eyes will be on the RBNZ cash rate announcement tomorrow with expectations that Orr will cut from 1.5% to 1.25%. We may see Orr utter comments that another cut is due later this year but not all analysts agree this will happen, certainly with new trade tariffs being introduced and the trade war escalating late last week who knows. In news just released the NZ unemployment rate fell to 3.9% in the June quarter down from market expectations of 4.2% in the March quarter. With the fall in the unemployment rate this has reflected in 9,000 people being added to the NZ workforce bringing the total number of unemployed to 109,000 in NZ. Price sharply rose to 0.8700 before retracing a tad lower to 08660 around lunch.
Exchange Rates
Current Level: 0.8664
Resistance: 0.8800
Support: 0.8620
Last Weeks Range: 0.8576-0.8737

The New Zealand Dollar (NZD) hovers around the 0.8660 level Friday against the Canadian Dollar (CAD) after weaker than expected ANZ Business Confidence took the lower from 0.8740 earlier in the week. Canadian GDP printed at 0.2% expanding a third straight month into May with increases in manufacturing and construction and asking the question if the Bank of Canada will cut rates in the near term. Price should have tracked lower after the release on the strength of the CAD but with a heavy drop of over 6% in Crude Oil the CAD was put under pressure. Canadian Trade Balance releases tomorrow morning.
Exchange Rates
The current interbank midrate is: NZDCAD 0.8653
The interbank range this week has been: NZDCAD 0.8635- 0.8701

The bearish trend in the Canadian Dollar (CAD), New Zealand Dollar (CAD) has continued into this week with price dropping to 0.8705 early Tuesday. Crude Oil remains well supported with unplanned outages and sanctions on Iran and Venezuela’s production propping up the Crude price which trades at a healthy 57.10 today. If price edges back towards 60.00 per barrel we may 0.8625 key support broken as the yearly bearish momentum continues.
Exchange Rates
Current Level: 0.8728
Resistance: 0.8990
Support: 0.8650
Last Weeks Range: 0.8706-0.8870

The New Zealand Dollar (NZD) surged to a seven week high of 0.8888 early in the week against the Canadian Dollar (CAD) continuing last week’s momentum with disappointing Canadian Core Retail Sales -0.3% vs +0.3% devaluing the CAD. Resistance around 0.8920 seemed a bridge too far for the kiwi with strong Crude Oil prices driving buyers back into the kiwi. NZ Trade Balance printing better than expected Wednesday at 365M compared to 100M markets were predicting but proved only temporary relief for the NZD with price at 0.8750 levels Friday. Unplanned outages and sanctions on Iran and Venezuela to oil production suggesting a recent decrease of around 8% are the reasons why oil prices have been recently well supported. Overall the pair still looks choppy since late April with strong support seen around 0.8650.
Exchange Rates
The current interbank midrate is: NZDCAD 0.8753
The interbank range this week has been: NZDCAD 0.8753- 0.8889

The New Zealand dollar (NZD) has had a strong we against the Canadian dollar (CAD), extending the rally that started early last week on a break above key downtrend resistance at 0.8720. Our target for this move has been the 0.8920-30 area and in the past 24 hours the pair has traded at high as 0.8889. Disappointing data from Canada at the end of last week, in the form of Core Retail Sales which printed at -0.3% vs +0.3% expected, helped to drive the latest leg higher in the pair, but the economic calendar this week looks very light so the pair may start to struggle on any potential approaches toward that 0.8920/30 resistance area. Initial downside support is currently seen around 0.8820.
Exchange Rates
Current Level:0.8851
Resistance:0.8930
Support: 0.8820
Last Weeks Range: 0.8734-0.8889

It has been a strong week for the New Zealand (NZD) across the board, but particularly so gains the Canadian dollar (CAD). The beak above key resistance around 0.8720 early in the week was a bullish signal and the pair has continued to make gains trading to a high overnight of 0.8847. Support is now seen around 0.8800 and at this stage I would expect that to contain any near term weakness. The topside target from here remains resistance around the 0.8920/30 area.
Exchange Rates
The current interbank midrate is: NZDCAD 0.8835
The interbank range this week has been: NZDCAD 0.8685 – 0.8847

The New Zealand dollar (NZD) has had a strong week vs the Canadian dollar (CAD), breaking above key downtrend resistance that was seen around 0.8720. This is a very bullish signal and should pave the way for further gains. That 0.8720 level is now seen as solid support and it should contain any potential periods of NZDCAD weakness. I would expect the pair to target gains toward 0.8810 initially, then potentially 0.8930 further out. Two key events have driven this move over the past week. Dovish statements from both the Bank and Canada and the US Fed sparked the gains mid last week, but yesterday we had sold Chinese activity data which only served to underpin the sold NZD’s footing.

Exchange Rates
Current Level: 0.8771
Resistance: 0.8930
Support: 0.8720
Last Weeks Range: 0.8626-0.8717

It has been a choppy week for the NZDCAD par with price action lurching between a short lived low of 0.8627 and a recent high of 0.8732. The Bank of Canada rate announcement caused a sharp move higher for the pair on Wednesday night after the central bank struck something of a dovish tone, albeit they left interest rates unchanged at 1.75%. The longer term trend, that has been in play since March this year, is to the downside and this week’s gains have yet to threaten that downtrend. It would take a sustained move over 0.8735 to bring that longer term trend into question, and until we see that the risks remain skewed toward further losses. We have inflation data from both countries to digest next week, while Canada will also release the latest reading on retail sales.

Exchange Rates
The current interbank midrate is: NZDCAD 0.8710
The interbank range this week has been: NZDCAD 0.8626 – 0.8732

The Canadian dollar (CAD) has significantly outperformed the New Zealand dollar (NZD) over the past week, driving the pair to a low of 0.8648 so far. While minor support around 0.8645 has contained the downside on a couple of occasions over the past 3 weeks, it’s looking increasingly vulnerable and should the Bank of Canada (BOC) produce a relatively upbeat economic assessment at this week’s meeting, we could easily see the pair break lower again. That would be a very bearish signal and all eyes would then turn to the 2018 low of 0.8321. That may seem a long way away at this stage, and there are some minor support levels around 0.8570 and again at 0.8470, but it would certainly be achievable over the coming months if both economies continue on their current paths.

Exchange Rates
Current Level: 0.8675
Resistance: 0.8780
Support: 0.8645
Last Weeks Range: 0.8648-0.8785

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