NZD/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pattern was initiated back in mid-May, when the currency pair was stopped by the selling pressure just above 0.9450. Since then the kiwi has been generally underperforming relative to the loonie, thereby forming a bearish channel. Accordingly, while we may expect a recovery in the near-term due to the proximity of the spot to the lower trend-line, the overall outlook is negative towards NZD/CAD, and any rally should be halted at 0.93, where the upper trend-line of the corridor is reinforced by the daily R1 level and May 27 high. In the meantime, the sentiment of the SWFX market is bearish with respect to the pair—73% of open positions are short.
© Dukascopy Bank SA
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