NZD/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After hitting the upper boundary of the channel up pattern on March 23, the Kiwi has been undergoing a period of correction against the Canadian dollar. Since then the NZD/CAD pair has already lost around 180 pips, and there are several signals that it is going to depreciate further, by trying to reach the pattern's support during the next working week. Firstly, 4H technical studies are giving strong "sell" signals right now, with six out of eight indicators pointing to the south. Moreover, 54% of SWFX traders are holding short positions on the New Zealand dollar. However, in case the lower boundary is approached, a rebound may follow that event, as predicted by weekly technicals.
© Dukascopy Bank SA
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