NZD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CAD has recently broken out of the channel it had been forming between Dec 22 and Feb 10. Therefore, the outlook on the currency pair is bullish, especially considering that the hourly and the four-hour technical indicators are pointing upwards. In the short run, however, there is likely to be a sell-off, as the price has just confirmed the upper boundary of the new channel. NZD/CAD is expected to bounce off of 0.9350 and descend down to 92 cents before there is another decent wave higher. The new target will then be the January 19 high at 0.9460. In the meantime, the sentiment in the SWFX market is neutral, being that 45% of positions are long and 55% are short.
© Dukascopy Bank SA
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