March proved to be a very disturbing month for NZD. The performance of NZD against CAD was really disappointing in this month. New Zealand Dollar dropped about 5% just in a single month. Thus the month of March totally crushed the expectations of the traders of New Zealand Dollar. This performance is literally worst in the last couple of years.
Performance of USD/CAD:
One of the crucial factors that dragged the price of NZD is the strength of USD/CAD. The smooth trading flow of USD/CAD capped the rise in the price of New Zealand Dollar. Therefore you can say that the performance of NZD is hindered by the strength of this trading pair. Nowadays even the novice traders are well aware of the impact of the strength of a trading pair on the related trading pairs. You cannot just ignore it, if you really want to earn big in Forex trading. Forex trading is just not that simple friend.
Levels of NZD/CAD:
The trading trend of this pair has now formed a trading pattern. This Double Bottom trading Pattern reflects three significant trading levels. The first one is obviously the trough resistance. Being the first one, it is the most crucial one. The second one is the Trend-line resistance point. Last but not the least; the third significant trading point is the Simple Moving Average of the 200 days. The trading pattern seems strong and valid. Now the performance of NZD seems to follow this pattern in the near term.
The performance seems to rise in the near term. This assumption is supported by two vital technical indicators. RSI and MACD are two important indicators that hinting a rising trading trend of NZD/CAD. To sum up, currently the state of this pair seems fragile.