NZD/CAD 1H Chart: Broadening Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
On January 21 the Kiwi/Loonie cross reached its highest level since July 2014 at 0.9453. However, this level is also a starting point of the current downward-sloping pattern. During last two weeks the pair lost around 400 pips and is currently hovering around the daily S2 at 0.9092. In the meantime, the NZD is approaching a lower boundary of the figure, from which a rebound is assumed to start. At the same time, neither technical studies nor market participants are supporting a bullish case at the moment. The former ones are staying completely mixed on all time-frames, while as many as 57% of all SWFX traders are holding short positions on the pair, meaning that 0.9020 level may soon be penetrated.
© Dukascopy Bank SA
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