NZD/CAD 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar has been continuously outperforming its Canadian counterpart since the beginning of 2009. The kiwi has already appreciated more than 48% during this time, and it looks ready to maintain this direction. NZD/CAD has recently rebounded from the formidable support at 0.88, and it is currently headed towards the upper boundary of the bullish channel at the parity level. There we should expect a downward correction. A strong intermediary resistance is supposed to be at 0.9658, represented by the 2014 high. Meanwhile, the sentiment of the SWFX is strongly negative towards the pair, being that only 32% of open positions are long, 68% are short.
© Dukascopy Bank SA
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