NZD/CAD 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A Descending Triangle pattern started to form when the pair failed to reach the major level at 0.95. After that, NZD/CAD has been on a down-trend with the bearish target level at 0.92. At the moment of writing, the pair's volatility has dropped to lower levels; therefore, a break-out to the upside is very unlikely. Also the majority of the daily and weekly technicals are sending bearish signals. Moreover, the Descending Triangle's break-out is more likely to be to the downside. Thus, we expect the pair to approach the 0.92 level , with a possibility of a bearish break-out as the pair is nearing the triangle's apex.
© Dukascopy Bank SA
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