CIBC like NZD against CAD, say buy on a break above 0.8500
- stop loss 0.8350
- target towards the 0.8900 area
Reasoning:
- market bias to remain short NZD … leaves "an unnecessary imbalance that needs to be corrected"
- NZD running a sizable trade deficit, "the bleeding appears to have stopped for now"
- RBNZ is data dependent
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Daily NZ/Cad chart:
