NZDCAD has had a very good run of late but is running into 15 year resistance and with very few non-USD catalysts it seems to have no reason to break on higher and thus the path of least resistance is very much to the downside.

We can see the triangle that is appearing here and as such I expect it to be capped and floored for the meantime at these levels.

A closer look shows how the market is seemingly overrun to the upside and due a correction.

The move has pushed us into a resistance zone, and considering the clean bearish divergence we can expect to see some downside pressures as there is a lot of offers stacked above the market.

For this reason, I expect to see a gentle move lower by Decemeber and target a level around 0.84
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