NZD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the very beginning of 2014, the New Zealand Dollar has been gradually appreciating against its Canadian peer and early March the pair embarked upon formation of the channel up pattern that pushed the currency couple to the highest level since at least 2008 of 0.9524.
Currently, the pair is trading near its 50-hour SMA at 0.6475 that lies slightly below the recent peak. If NZD/CAD regains an upside, it is likely to target 0.9490 (daily R1) that if overcome will open the way towards the next two resistances at 0.9507 and 0.9521 (daily R2, R3) that represent the main hindrances for a rally to a five-year high.
© Dukascopy Bank SA
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