© Dukascopy Bank SA
Judging by the last 200 hours, NZD/CAD has been forming a symmetrical triangle lately. However, there is a decent amount of blank space the price has not filled. This decreases the quality and reliability of the pattern. Still, there is a high probability that the support at 0.9570 and the resistance at 0.9617 will have a notable influence on development of the NZD/CAD's chart in the future.
And while the nature of the pattern implies a break-out to the upside, given the past performance of the pair, an overwhelming majority of the SWFX market participants seem to be convinced that the New Zealand Dollar is overvalued and are therefore holding short on the kiwi positions, specifically 75% of them.
© Dukascopy Bank SA