Short NZD/CAD based on JPY correlation idea
Even with weak economic data coming out of Canada recently, the high correlation of both CAD/JPY and NZD/JPY indicates that NZD is overpriced compared to CAD when related to JPY. The the recent high did not break (Resistance at 9200), and the lowering MACD indicates to me that NZDCAD has further downwards movements to come.