NZD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bullish channel the pair is currently trading within is the result of NZD/CAD stabilising after the sell-off from 0.95 that started at the very beginning of the year. As it stands now, the New Zealand Dollar is likely to appreciate to 0.9450, where the rate should meet the two-year falling resistance line and begin a new major bearish wave. The positive outlook is reinforced by the positioning of the SWFX traders, two thirds of whom are currently holding short positions. The main argument against the rally is the technical indicators that are mostly bearish in the four-hour and weekly time frames. However, even if demand at 0.9080/60 fails, there are strong supports both around 0.8970 and 0.8870.
© Dukascopy Bank SA
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