NZD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Kiwi is surging on a short term in an ascending channel pattern against the Canadian Dollar. The channel up pattern is a representation of the currency exchange rates surge from a larger scale pattern's support line. The large scale pattern is a falling wedge, in which the rate has been since the middle of September. It is most likely that the short term pattern will be active for a few days, as the channel up pattern reaches the falling wedge's resistance line in the evening of October 17. A surge is also supported by the fact that the currency pair is oversold, as 71% of open SWFX positions are short.
© Dukascopy Bank SA
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