NZD/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As NZD/CAD has recently proven to be unable to sustain a rally above 0.93, the bears took control of the market. As a result, the currency pair has formed a channel down pattern, which implies further weakness of the Kiwi against its Canadian counterpart in the coming weeks. But NZD/CAD is likely to move lower not only in the long run, but also in the short term, being that it is approaching the down-trend resistance line at 0.9050, and most of the four-hour and daily technical indicators are pointing downwards. Meanwhile, the traders appear to be undecided, since 49% of open positions are long and 51% are short.
© Dukascopy Bank SA
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