NZD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar has been consistently outperforming its Canadian counterpart during the first half of January, leading to formation of a bullish channel. There is a high chance this tendency will persist, though NZD/CAD is likely to retreat back to the 0.9250/00 area before another up-swing.
If the demand represented by the up-trend, Jan 15 low and monthly R1 proves to be insufficient, the bears may push the pair as low as 0.9050/00 (200-period SMA, monthly PP, Jan 2 low), as there are no other significant supports in-between. Meanwhile, an overwhelming majority of the SWFX market participants is bearish—71% of open positions are short.
© Dukascopy Bank SA
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