NZD/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Kiwi has just bounced from the upper boundary of the pattern and is now getting ready to lose value against the Greenback. The present trading level is currently located at 0.8854, just 15-20 pips above the considerable support level, represented by 100-hour SMA and daily S1. If the pair manages to surpass this line, then we can expect it to aim at the weekly support, which is placed at 0.8710 at the moment. In case of failure, the NZD/CAD currency pair may return back closer to the pattern's resistance line. This idea is supported by four-hour technical indicators, as they point to the north. SWFX traders, however, are split in their opinions, as slight majority (52%) of all positions are long.
© Dukascopy Bank SA
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