NZD/CAD 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Initiation of the bullish channel dates back to October of 2014, when NZD/CAD stabilised at 0.87, namely near a long-term support trend-line (in play since 2009). Right now the currency pair is facing the 2014 high at 0.9656, which may potentially trigger some selling. However, there are formidable supports at 0.9474 and 0.9300, which may potentially provide good opportunities to go long the Kiwi on the dips, considering that the daily and weekly technical indicators are pointing up. The target is the upper boundary of the pattern, which is expected to be encountered near a round level of 0.98. Meanwhile, the sentiment is moderately bearish, as 59% of open positions are short.
© Dukascopy Bank SA
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