NZD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The situation in NZD/CAD bears an uncanny resemblance to the one observed in AUD/CAD. Here, also, the overall outlook is bullish, while in the short run there is likely to be a correction. The decline is expected to end near the rising trend-line at 0.9040, whereas in the long run the price could be aiming for the March high, being that there are no significant resistances until 0.9620. At the same time, a close beneath 0.9040 will substantially increase the downside risks, but the bulls will still have a good chance to recover from the support area between 0.8950 and 0.8920. More clusters of buyers are assumed to be at 0.8850 and at 0.8810/0.8790 (weekly S1 and 200-period SMA).
© Dukascopy Bank SA
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