NZD/CAD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook for the Kiwi against the Canadian Dollar remains subdued, after the currency pair fell on Wednesday after the RBNZ curbed interest rates, while the Bank of Canada stood on hold. The triangle pattern, where NZD/CAD has traded since February 23, has therefore been confirmed to the downside. On the side of the bears, 55-hour SMA has just crossed the 200-hour SMA to the South, meaning sentiment of the cross is becoming even more bearish. On top of that, 60% of SWFX traders are going short on the Kiwi at the moment. Initially, the pair is expected to test the weekly S2 at 0.8754. However, only a drop below weekly S3 at 0.8654 may force a sell-off down to the Nov low at 0.8583.
© Dukascopy Bank SA
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