NZD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Both kiwi and loonie were one of the top-performers during the last several weeks. Nonetheless, it seems that New Zealand currency was the main driver for the NZD/CAD pair. Since the beginning of the pattern the pair has rocketed more than 1000 pips, however, later, the pair moved back to the lower boundary. Despite approaching pattern's support, the pair was not able to push below the 200-period SMA. While market sentiment and pending orders are suggesting the pair will depreciate, technicals are pointing at pair's further appreciation in a longer term. Short traders should focus on the 200-period SMA.
© Dukascopy Bank SA
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