NZD/CAD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
It may be noted that the Canadian Dollar has been weaker versus most of its peers since the beginning of the year and this weakness is illustrated on the NZD/CAD one-hour chart.
On January 2, NZD/CAD embarked on a sharp appreciation that has been developed within the limits of the channel up pattern. So far, the pair has managed to reach more than a five-year high; however, it failed to consolidate at this peak and moved lower to the pattern's support increasing the likelihood of a bearish breakout that, in fact, is also expected by traders who are bearish in 73.33% of cases, according to the SWFX data.
© Dukascopy Bank SA
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