NZD/CAD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment the NZD/CAD currency pair is testing strength of the pattern's resistance, which is located at 0.8808 and reinforced by the 100-hour SMA three pips above this level. However, it seems that bulls are preparing for the eventual breach this resistance. First of all, the pair has been hovering around this level for some period of time and bearish pressure did not take the lead to push the pair to the south. Also, short-term technical indicators are pointing to the upside, while the majority of market participants are holding long positions on the Kiwi versus Canadian dollar, namely 56% of them. Four-hour technical studies, however, expect the pair to fall in the medium-term.
© Dukascopy Bank SA
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