NZD/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Kiwi-loonie cross has been appreciating since the August. We could easily attribute as a recovery after a fall from 0.878, in the middle of April, to 0.795, in the middle of June. Despite such premise, Fibonacci retracements seems to have no impact on the pair anymore, even if it had any in the first place. At the moment it is moving along the pattern's support, but as we can see from the short and medium term technicals we should expect a significant move higher. September high at 0.863 might have some psychological effects, since it is highest level since the beginning of May. Advance above it would pave the way to 0.878.
© Dukascopy Bank SA
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