Listen to the latest market mood for the NZDCAD pair.
Weak CAD, Strong NZD
The CAD is weak today after a larger than expected build in inventories last night. Headline crude stockpiles of 8.7mln bls dragged US oil down below $32. The outlook for the NZD is strong as lockdowns have been lifted in the country since the end of April. If global growth optimism returns today then the NZD will benefit as a commodity currency. Therefore expect NZDCAD buyers from pullbacks.
This outlook is to last for the next 8-12 hours.
The main trade risk to this outlook is any unexpected production cuts will boost CAD and invalidate this outlook.