“Stairway to heavenly” gains in NZDCAD

The downtrend in the New Zealand dollar to the Canadian dollar (NZDCAD) exchange rate continues to build reasons to carry on, says Michael O'Neill, managing director at Canadian company Pythia FX Advisors. He describes the current trend “as if descending a set of stairs: decline, level off, decline, repeat”. O’Neill argues that ongoing expectations of further Reserve Bank of New Zealand rate cuts combined with the foreign exchange market refocusing on US rate hikes and interest rate divergences, “will serve to maintain the downward pressure on NZDCAD”. Looking forward there still are trading opportunities. To read more visit: (VIEW LINK)