NZD/CAD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After tapping at all-time highs of 0.9829 early November 2016, NZD/CAD gave in to bearish pressures and slipped 5%, just to once again prove that the unexplored area is not out of reach, and that the pair might visit the 0.98 mark once again. We will look for a bullish breakout from the pattern, possibly on this wave already, setting 0.9354 as the first target outside of the formation. After a retracement is completed, NZD/CAD might extend a surge to reach for February 28 highs at 0.9597 on a larger scale and a multitude of areas that will cause hitches on the way.
© Dukascopy Bank SA
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