2026-10-23 Readings lean neutral
NZD/CAD consolidates near 0.79725 ahead of RBNZ and BoC rate decisions
NZD/CAD is trading slightly lower today at 0.79725 as the Canadian dollar shows mild strength across the board. The pair is caught in a ranging pattern on the four-hour chart. Market participants are largely on the sidelines ahead of major central bank decisions next week.
Trend and momentum
The four-hour trend structure is ranging, while the one-hour chart shows a slight upward structure. Momentum is largely flat, with the one-hour RSI at 50.27 and the four-hour RSI at 45.61. Price action remains inside the one-hour Bollinger Bands without a squeeze, and the pair has used 69 percent of its average daily range so far today.
Key levels
Key resistance sits at yesterday's high of 0.80176 and last week's high of 0.80330. A break above these levels could signal a shift toward upward momentum. On the downside, support rests at yesterday's low of 0.79504, which aligns closely with the recent four-hour low, and last week's low of 0.79478. Falling below this support zone would indicate further bearish pressure.
News and events this week
The focus for both currencies is firmly on October 28, when both the Reserve Bank of New Zealand and the Bank of Canada will announce their interest rate decisions. Markets are pricing in a high probability of a 25 basis point hike from the RBNZ to 3.00 percent, despite recent easing in New Zealand consumer inflation. Meanwhile, the Bank of Canada will release its Monetary Policy Report alongside its rate decision. For today, October 23, traders will watch Canadian retail sales data for short-term volatility.
What would push it higher
If the pair breaks above the 0.80176 daily high, it could attract buyers looking to test last week's peak. A dovish shift in Canadian retail sales could provide the catalyst for this upward move.
What would push it lower
If price drops below the 0.79478 weekly low, sellers may take control of the near-term trend. Strong Canadian retail sales today could drive the pair lower before next week's central bank meetings.
The engine has no open signal on this pair. Today's signals →