NZDCAD Forecast and Live Chart

The New Zealand Dollar/Canadian Dollar currency pair (also referred to as NZDCAD and NZD/CAD) is a major currency pair. In this article, we will examine how NZDCAD is performing.

NZDCAD Key Stats

2021 high: 0.9329
2021 low: 0.8548
YTD high: 0.8808
YTD low: 0.7624
YTD % change: -3.13%

NZDCAD Forecast

The NZDCAD has declined for the majority of 2022 due to the Canadian economy benefitting from its energy exports. However, rate hikes and a robust economy have seen the pair turnaround in the last few months. Judging where the NZD/CAD may head from here is essentially a take on risk and oil prices. We expect a slight pullback in the near term, but in the longer term, we see the pair continuing to run higher as macroeconomic headwinds ease. This view, however, cannot be concrete and is subject to inflation data, interest rate hikes, and changes in geopolitical uncertainty.

NZDCAD Fundamental Analysis

The global economic climate is changing daily, and fundamental analysis can be a crucial component of a trading strategy to help determine the direction in which a currency pair will trade. Many factors influence price, including GDP, inflation, monetary and fiscal policies, and more.

While interest rate differentials and the fact that the NZD is considered a carry-trade currency will play a part in its movement against other currencies, other factors to consider are tourism numbers and dairy prices. New Zealand is a significant exporter of whole milk powder, so if the price of milk increases, the economy will benefit, strengthening the NZD. In addition, tourism is also important to its economy. As the number of visitors increases, the New Zealand economy benefits, resulting in a strengthened NZD. However, New Zealand’s tourism took a heavy hit from the pandemic, falling well below its usual numbers. This impacted the currency. Although in 2022, tourists travelling to New Zealand has shown signs of increasing, it is still well below the levels seen before the pandemic. Even so, there are encouraging signs going forward as the travel industry continues its recovery. As for inflation, New Zealand has not been immune to the significant rise in prices. Therefore, the Reserve Bank of New Zealand has had to raise rates considerably, which has benefitted the currency.

Canada has one of the world’s largest economies. Its trading is primarily dominated by its oil and gas industry, with most of its earnings coming from the sale of crude oil. Therefore, the Canadian Dollar benefited substantially from the rise in oil prices this year, with it being one of the largest exporters of the commodity. However, the economy has still faced difficulty, with soaring inflation also weighing on the Canadian economy. As a result, the Bank of Canada has hiked interest rates. These hikes have managed to slow the inflation pace, with prices falling from highs earlier this year.

NZDCAD Technical Analysis

2021 marked the beginning of a sustained move lower in the NZDCAD as macroeconomic and geopolitical factors began to push the New Zealand dollar lower. However, that downtrend seems to have now ended, at least in the short term, with the pair now climbing — trading back around levels last seen in April this year.

The current bullish move has seen the pair cross above its 100 and 200 MA on the daily chart, and it has respected the current bullish trend line so far. For a near-term pullback, a level to look out for, for a near-term pullback, is 0.8245.

Trade NZDCAD with our top brokers

Broker	Features	Regulator	Platforms	Next Step
74% of retail CFD accounts lose money Founded: 2014 74% of retail C...	Well regulated Ultra-fast and high leverage trading Spreads as low as 0.0 pips Comprehensive research tools Relatively limited number of markets Does not accept US traders Read Tickmill Review	FSA SC	MT4, MT5	Sign Up TEST TICKMILL Read Tickmill Review
Your capital is at risk Founded: 2014	User-friendly platform with great trade-analysis tools Leverage Up To 1:500 Spreads as low as 0.00 pips Quality trade execution thanks to high-spec IT infrastructure $0 minimum account opening balance 26,000 tradeable instruments Not available in all jurisdictions Regulatory infrastructure Read BlackBull Markets Review	FSPR	MT4	Sign Up OPEN FREE DEMO ACCOUNT Read BlackBull Markets Review
Your capital is at risk Founded: 2006 Europe* CFDs ar...	Multi-asset broker offering a wide variety of markets Strong regulatory framework Innovative risk management tools Choice of market-leading platforms Wide spreads on some markets Expiry date on Demo Accounts Read AvaTrade Review	ASIC, FSA, FSB, MiFID	MetaTrader4, Sirix, AvaOptions, AvaTrader, Mirror Trader	Sign Up OPEN FREE DEMO ACCOUNT Read AvaTrade Review
Between 74-89% of CFD traders lose Founded: 2010 Between 74-89 % of retail investor accounts lose money when trading CFDs	Low trading costs Great market flow Research and analysis which helps spot trades Wide range of Copy and Social Trading options Limited range of non-forex markets Read Pepperstone Review	ASIC, FCA	MetaTrader 4, MetaTrader 5, cTrader	Sign Up OPEN FREE DEMO ACCOUNT Read Pepperstone Review
77% of CFD traders lose Founded: 2007 77 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.	Social and Copy Trading Platform Beginner Friendly Risk-free Demo Account Top-tier regulation Limited means of raising queries Withdrawal process isn’t really ‘client-focused’ Read eToro Review	ASIC, CySEC, FCA	eToro Platform	Sign Up OPEN FREE DEMO ACCOUNT Read eToro Review
Your capital is at risk Founded: 2009, 2015, 2017	Low minimum deposit Super- tight bid-offer spreads Impressive trading platforms Tier-1 regulators Difficult to contact tech support No Crypto Read XM Group Review	ASIC, CySEC, IFSC	MT4 Terminal, MT4 for Mac, Web Trader, iPhone/iPad Trader, Droid Trader, Mobile Trader, MT5	Sign Up OPEN FREE DEMO ACCOUNT Read XM Group Review
Your capital is at risk Founded: 2006	Very well regulated Comprehensive education section Fantastic customer service No cryptocurrencies Fees could be more competetive Read FxPro Review	CySEC, DFSA, FCA, FSB, SIA	MetaTrader4, MetaTrader5, cTrader, FxPro Edge (Beta)	Sign Up OPEN FREE DEMO ACCOUNT Read FxPro Review

Forextraders' Broker of the Month

BlackBull Markets is a reliable and well-respected trading platform that provides its customers with high-quality access to a wide range of asset groups. The broker is headquartered in New Zealand which explains why it has flown under the radar for a few years but it is a great broker that is now building a global following. The BlackBull Markets site is intuitive and easy to use, making it an ideal choice for beginners.