© Dukascopy Bank SA
The Canadian Dollar acted almost like its American counterpart, as NZD/CAD cross fell more than 170 pips and even crossed a 200-period SMA, suggesting bears would dominate the market in the nearest future. Moreover, aggregate technical indicators on a 4H chart are sending "sell" signals, meaning a retest of support line can be expected. Nevertheless, in a mid-term we could see a period of consolidation, however, a move below 0.8529 is unlikely, as it is represented by a Fibonacci retracement as well as weekly support, which is located just 10 pips lower.
© Dukascopy Bank SA