NZD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the low quality of the pattern, NZD/CAD is nevertheless trading in an up-trend after bottoming out at 0.86 in April. Considering that the pair has already reached the upper bound of the potential channel, the risks are considered to be skewed to the downside. The exchange rate is expected to bounce off of 0.8960 and fall towards a cluster of supports between 0.8740 and 0.8720, which includes the up-trend, monthly S1 and a support level that proved its relevance in May. However, we should note that the a majority of the four-hour and daily technical indicators is bullish, and in case the price closes above 0.8960, the New Zealand Dollar will likely aim for 0.9040, namely the April high.
© Dukascopy Bank SA
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