This symbol represents the New Zealand Dollar - Canadian Dollar cross pair. These two currencies are both categorized as commodity currencies. Canada is primarily associated with oil and lumber, conducting significant trade with the United States. New Zealand is more associated with agricultural commodities and exports dairy and meat products to Australia and China.
The recent dive in NZD/CAD has opened the door to a potential selling opportunity that aligns with a bearish fundamental outlook. However, prices are below an optimal entry point.