NZD/CAD 1H Chart: Broadening Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching the low around 0.8760 on November 25, the NZD/CAD currency pair started gaining value and has already covered more than 200 pips to the upside. At the moment the Kiwi is trying to leave the pattern's support and begin moving in the direction of the upper trend-line. However, this task for the New Zealand's currency seems rather difficult, taking into account market sentiment, which is bearish for the time being. As many as 53% of all market participants are holding short positions on the pair, expecting it to decline. Meanwhile, technical indicators are mixed on all time-frames, meaning that the pair is most likely set to hover around the lower boundary for some period of time.
© Dukascopy Bank SA
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