NZD/CAD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
October came with a leap above all time highs of 0.9839, but also set the pair up for a downfall, which has recently taken the form of a descending channel pattern. NZD/CAD is currently squeezed in between several levels of significance amid attempts to break above a green Ichimoku cloud resistance area. The ultimate target of the current motion lies around 0.9286, the upper boundary of the pattern, and is most likely to cause a bounce and initiate a wave south. The scenario is consistent with the symmetrical triangle sketched over the last few waves, and a fail at the aforementioned channel boundary would confirm its credibility.
© Dukascopy Bank SA
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