Canadian Dollar has seen severe price fluctuations in the first week of January 2021. The current state of Canadian dollar (CAD) is different in its trading pairs as compared to its counter-currencies. NZD/CAD and EUR/CAD are two most prominent pairs of CAD. In both of these pairs, the trading trend is quite different. In case of EUR/CAD, CAD seems somewhat better and stable as compared to EURO. While on the other hand, CAD is suffering in case of NZD/CAD.
Recent trend of NZD/CAD:
Currently CAD is the weak one in this pair. Alternatively NZD (New Zealand Dollar) is at the advantageous position as compared to the weaker CAD. Recently this pair is challenging the resistance point. The beginning of 2021 has witnessed three consecutive days of rise, gain and profit of this pair. The recent trend line of this pair hints another cycle of gain. Thus this upward trend seems to further extend in the near term. The MACD oscillator suggests a change in momentum, a higher one obviously. The recent trend of trade of this pair acts as a hurdle in the path of bulls to dominate.
A Reversal in the way of NZD/CAD:
In this situation, you can expect a new and higher value in case of NZD/CAD. Although a higher value is evident but before that you can view a reversal as RSI trading indicator reflects negativity in this regard.
Recent Trend of EUR/CAD:
Recently this pair is being traded under 23.6% which is the Fibonacci retracement level 1.5583. This recent trend does not motivate the traders to invest. Both of the currencies are widely traded. EURO is the second most widely currency while CAD is the seventh most popular currency yet this pair fails to attract the traders. Neither of the currencies is showing encouraging scenarios. Thus a smooth path of gains still needs to wait for this pair.