© Dukascopy Bank SA
Clearly, the NZD/CAD cross is still on a bearish bias; however, we already saw a correction in early October, with the pair testing the 0.90 level. The 4H and weekly technical indicators point downwards, proclaiming that there still is high probability of the downtrend to continue. Furthermore, we expect the Kiwi to approach the 100 and 200-period SMAs around 0.8850 mark, before trailing lower. For now this year's low at 0.8617 remains the target level.
© Dukascopy Bank SA