NZD/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
We continue to keep an eye on NZD/CAD for signs the bullish pattern may not be topical, as the currency pair refuses to leave the vicinity of the upper boundary of the channel, thus putting extra stress on the resistance at 0.9122. Moreover, the daily and weekly technicals are mostly pointing south.
If the nearby supply area fails to contain the buying pressure, the May low and Aug high at 0.9169 and 0.9327, respectively, will be among the potential targets. Still, the base case scenario is a downswing through a cluster of supports at 0.8936 (Dec 15 low and long-term SMA) and towards the up-trend at 0.88.
© Dukascopy Bank SA
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