Hey Traders, in today's trading session we are monitoring NZDCAD for a selling opportunity around 0.83350 zone, NZDCAD is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 0.83350 support and resistance area.
the New Zealand economy is heavily reliant on its agricultural exports, particularly dairy products, which can also experience reduced demand during periods of economic downturn. Consequently, when stock markets falter, investors tend to favor safer assets, leading to a decrease in demand for riskier currencies like the NZD compared to safe-haven currencies or those perceived as less volatile, such as the US dollar (USD) or Japanese yen (JPY). This combination of factors contributes to the bearish outlook for NZDCAD when stocks are declining.